Glossary of Terms

Administrator A person appointed to distribute your estate, according to the law, if you die intestate or the Executor is unwilling or unable to act.

Advanced Directive In case you become too ill or severely incapacitated to express your wishes about the type of treatment you want to have or to refuse, you can express them in advance in this type of document.

Beneficiary An individual or organisation that is to receive something from your Will.

Bequest A specific gift of money, an item, property, or business assets that you leave to a beneficiary.

Chattels Your furniture, car and personal possessions.

Codicil An addition or change to an existing Will.

Enduring Power of Attorney (EPA) If made before 1st October 2007, an EPA continues to be valid. It has been replaced by the Lasting Power of Attorney (LPA) which offers more safeguards to the donor.

Estate Everything you own at the time of your death, this includes business assets

Executor A person of 18 or over, appointed by you to carry out your wishes as stated in your Will. An Executor may be a beneficiary.

Funeral Wishes You can stipulate the basic arrangements you wish to be made for your funeral in your Will. However it is one part of a will which is not binding on the Executor.

General Power of Attorney (GPA) Allows you to appoint an Attorney to manage your affairs for specific periods or events.

Grant of Probate A document issued by the court confirming both the validity of a Will and the executors right to administer the estate.

Guardian A person you appoint to look after your children if they are under 18 at the time of your death.

Inheritance Tax (IHT) A tax paid on assets at death. Currently 40% of the value of your estate above the Nil Rate Band of £325,000.

Intestate (and Intestacy) If you die and there is no valid Will, the Law ‘declares’ you to be intestate. and decides how your possessions should be shared out. Intestacy is the name for this situation.

Issue Your children, their children and so on all the way down the family tree

Joint Tenant A co-owner of property who automatically inherits the share owned by a deceased joint tenant.

Lasting Power of Attorney (LPA) A provision for decisions to be made on behalf of those who lack mental capacity. You can, as the donor, give another person (the attorney) the power to act for you should you lose the mental capacity to manage your own affairs and personal welfare.

Legacy see Bequest

Life Interest The ability to use property, or the interest on a sum of money, for a fixed prior or for life (after which it will pass to someone else).

Living Will see Advanced Directive

Memorandum of Wishes Letter to an executor of a will of wishes to be carried out.

Partial Intestacy This arises if parts of a Will are incomplete or insufficient.

Pecuniary Legacy Gift of money in a will.

Pilot Trust A Trust created during the lifetime of the testator to receive assets on their death, useful for Inheritance Tax Planning

Probate The process, after your death, by which your affairs are settled and your Will is validated. Your Executor obtains a Grant of Probate before they can distribute your estate according to your instructions.

Protective Property Trust A provision that upon your death, your share of the property is put in trust allowing your partner to continue to live in the property for their lifetime,on their death, to be given to your children or other beneficiaries.

Residue (Residuary Estate) What’s left of your estate after all debts, taxes. expenses, legacies and bequests have been paid. A Residuary Beneficiary receives a share of your residuary estate.

Tenants in Common. Owners of a share in a property which can be passed on in a Will.

Testator or Testatrix The person making the Will

Trustee A person you appoint to manage Trust assets on behalf of beneficiaries. A Trustee can be an Executor.

Will Trust A legal instrument, used in a Will, to ensure that certain assets are held for and distributed to chosen beneficiaries.

Witnesses Two independent individuals who must sign your will for it to be vailid. There is no need for them to read it.Cannot be beneficiaries.