Glossary of TermsThe following terms are those that are commonly used in the Wills and Probate process:
Administrator – The person who deals with (administers) the estate of the person who has died intestate (without a will).
Bequest – A gift of a particular object.
Child – In will or intestacy matters, the children of the deceased include their adopted and illegitimate children, but not their step-children (unless they are specifically mentioned).
Common-law spouse – This term has no legal relevance, although a partner who lived with the deceased for two or more years before their death might be able to claim a share of the estate.
Devise – A gift of a house or land.
Estate – All the assets and property of the deceased, including all houses, cars, investments, money and belongings.
Executor – The person appointed in the will to deal with the estate of the deceased.
Inheritance Tax – The tax that may have to be paid when the total estate of a person who has died is more than a certain amount (currently £315,000).
Intestate – The term used to describe someone who has died without making a Will.
Issue – All the descendants of a person (children, grandchildren, great-grandchildren etc.).
Legacy – A gift of money (usually a specific amount).
Letters of Administration – The document issued to the administrators by the Probate Registry to authorise them to deal with the estate.
Life interest – The right to receive the income or benefit for property or capital sum (but not the capital sum itself) for life.
Minor – A person under 18
Next of kin – The person who is legally entitled to the estate of the deceased should they die intestate.
Nil rate band – The value of an estate up to which inheritance tax is not payable.
Personal chattels – Personal belongings, including jewellery, cars, furniture, books, wine and pictures (but not money, investments, property or business assets).
Person estate – All the investments and belongings of a person apart from land and buildings.
Personal representative – A general term of administration and executors.
Probate of the Will – The document issued to executors by the probate registry to authorise them to deal with the estate.
Proving the Will – Making the application for probate to the probate registry.
Probate registry – A court within the Family Division of the High Court that deals with probate and administration matters.
Real estate – Land and buildings owned by a person.
Remainder man – The person who gets the property or capital sum after the death of the person holding a ‘life interest’.
Residue – The remaining balance of an estate left once all debts and specific bequests have been made.
Specific bequests – Particular items gifted by the Will. Also known as specific legacies.
Testator – A person who makes a Will. Testatrix is sometimes used to refer to a female Will-maker.
Will – The document in which you say what will happen to your money and possessions on your death.
|