Glossary
Administrator
The person appointed when either no Will can be found or there is no executor to carry out the intentions of the Will.
Administration, Letters of
Granted by a court to administrators (usually the next of kin) to give them the authority they need to act and to administer/distribute the estate where there is no Will.
Administration Period
The period between the date of death and the date of the final estate accounts.
Assets
Generally everything that you own at the time of your death.
Beneficiary
Someone who will inherit from the Will, a trust or under the intestacy laws.
Bequest
A gift left in a Will.
Chargeable gift
A gift on which Inheritance Tax may be payable.
Codicil
An addition or change to your existing Will.
Crown
If you have a Will and no relatives your estate goes to the Crown (The State).
Debts or Liabilities
Monies owed or outstanding (eg tax, household bills, hire purchase arrangements).
Devise
A gift by Will of freehold property.
Estate
This term refers to the total value of everything you own at the time of your death, less any outstanding liabilities such as mortgages, overdrafts, loans and household bills etc.
Executor
A person appointed in the Will to administer the estate.
Funeral Arrangements
These are the instructions that you give for carrying out your final wishes including interment, cremation, flowers, service etc.
Guardian
Someone appointed to look after the interests of a child under the age of 18.
Inheritance Tax
Tax payable on the transfer of assets either during an individual's lifetime or on his or her death.
Intestate
A person who dies without making a valid Will.
Moveable Property
Anything other than buildings or land.
Pecuniary Legacy
A gift of money under a Will.
Potentially Exempt Transfer (PET)
A gift made during ones lifetime that is exempt from Inheritance Tax if the donor lives for seven years after making the gift.
Probate, Grant of
The document which confirms to executors that they have authority to act, and which validates the Will.
Residue
What is left of the estate after the payment of all debts, taxes, administration expenses, legacies and bequests under the Will.
Specific Legacy
A gift of a specific object under a Will.
Testator/Testatrix
The person (male/female) who makes the Will.
Trust
An arrangement by which asset(s) is handed over to trustees to be applied for the benefit of other people known as beneficiaries.
Trustee
A person holding asset(s) on behalf of another person and is responsible for administering
the trust assets.
Variation, Deed of
An arrangement whereby certain provisions under a Will may be varied by consent of the beneficiaries.
Will
A form of instructions as to how someone wishes to dispose of their assets on death.
Witness
For valid execution of a will, two witnesses, must sign the document both being present at the same time with the testator who must either sign the will in front of them or acknowledge that the signature on a pre-signed will is that of the testator. A gift to a witness will be void.
