A statement expressing wishes to refuse medical treatment in the future.
A person entitled to benefit from a will or trust either now or in the future.
A gift of money or personal property made in someone’s will.
Capital Gains Tax
A tax on the profit made when you sell or give away something that has increased in value.
Personal belongings that can be moved eg furniture, jewellery (excludes land and realty).
A separate document amending the terms of a Will.
Common Law Partner
Two adults that are in a relationship together and live together as a couple without being married.
Deed of Variation
A deed by which one or more beneficiaries of an estate give up their entitlements under the Will or Intestacy Rules in favour of someone else.
To give land or realty by Will.
A trust where benefits from the trust fund are allocated at the Trustees’ discretion to any one or more of several beneficiaries at such time or times as the Trustees may decide.
The place where a person has their permanent principal home to which they return or intend to return.
All of the assets of a person at the date of their death.
Person appointed to put into effect the terms of a Will.
Grant of Probate
Official confirmation by the court of the validity of a Will and the executors named in it.
Parts of someone’s estate passing to a beneficiary.
The tax paid on the value of a deceased’s estate above a set threshold.
Inheritance Tax Threshold
The amount of someone’s estate on which no Inheritance Tax is charged. The current allowance whereby no Inheritance Tax is charged is £325,000.
Interest in Possession Trusts
Trusts where the income (or benefit) is given to a specific beneficiary.
Intestate and intestacy
A person who dies without leaving a Will is said to die ‘intestate’. The estate is distributed according to the Rules of Intestacy.
Children, grandchildren, adopted children.
A gift under the terms of a Will.
Letters of Administration
Acknowledgement by the Court of the appointment of Administrators (eg in the absence of Executors).
See Advance Decision above.
Separate but almost identical wills made by spouses, civil partners, life partners etc. where each leaves the same gifts, usually to each other, and thereafter to substitute beneficiaries (eg children, wider family, friends, charities etc).
A fixed sum of money given by a Will.
Generic term used for executors and administrators.
The court process by which a Will is determined to be valid and granted legal effect.
A search carried out to find a probate record, or an application to be sent a copy of a probate if it’s granted in the next 6 months.
The person or people who receive what remains of an estate after all expenses, liabilities, tax and other legacies have been paid.
The remainder of the estate after all legacies, liabilities, tax, testamentary expenses etc have been paid.
The person who establishes a trust.
The person making a Will.
A trust is a way of managing assets (money, investments, property or land) for people and involves the settlor, the trustee and the beneficiary.
A person or firm that holds or administers property or assets for the benefit of a third party.
A legal document that declares a person’s wishes about the way their estate should be handled when they die.
When the trust is created on death and the provisions are set out in the deceased’s Will.