| Administrator |
A person who is appointed by the court to manage the estate of a
deceased person who dies intestate or appoints no executors
|
| Adult |
A person who is 18 years of age or older |
| Beneficiary |
Any person, company, or organisation which receives a gift under
a Will. This includes people who receive an income or lifetime
interest
|
| Civil Partnership |
A partnership registered under the Civil Partnership Act
2004 |
| Civil Partners |
Persons who are registered as partners under the Civil
Partnership Act 2004
|
| Codicil |
A document which confirms an existing Will, and then makes
amendments or additions to that Will |
| Encumbrance |
A mortgage or charge over an item or property, securing the
payment of a loan, debt or other liability |
| Estate |
All the property belonging to a person at the time of their
death |
| Executor |
A person appointed by a Will to manage the estate of the
deceased person (Executrix if female) |
| Guardian |
A person who is appointed to have parental responsibility for a
minor |
| Inheritance Tax |
A tax which must be paid on a person's estate, or any gifts
made within the last 7 years of their life |
| Intestacy Rules |
Laws applied to a situation where someone has died without
leaving a valid Will |
| Intestate |
Dying without leaving a valid Will (it is also possible to die
partially intestate if some, but not all, parts of your Will are
invalid) |
| Joint Property |
Property owned jointly with another person or persons |
| Legacy |
A gift (usually money) left by Will. The recipient of a legacy
is sometimes referred to as a 'legatee' |
| Minor |
A person under the age of 18 years |
| Probate |
The procedure by which the Executors of an estate must prove
the existence and validity of a Will to the court and obtain
permission to administer the estate |
| Replacement Beneficiary |
A person specified in a Will to receive a gift if the original
beneficiary pre-deceases you or dies within 28 days after you |
| Residue |
Everything which is left of your estate once expenses, debts,
taxes and specific legacies have been paid out |
| Residuary Beneficiary |
The beneficiary who receives all or a share of the residue
estate |
| Specific Gift |
A gift of a particular item of property |
| Testator |
A person who makes a Will (Testatrix if female) |
| Trust |
A legal device which allows one person to be legal owner of a
piece of property, but another person to enjoy the benefit of that
property |
| Trustee |
Trustees have the legal ownership of the property on trust, but
they are required by law to manage the property for the benefit of
the beneficiaries of the trust |
| Will |
A legal document in which a testator specifies his or her
wishes for the distribution of their estate after death |
| Witness |
A person who signs a Will to confirm the testator's signature
and who does not benefit from the contents of the Will they are
signing |