Glossary
The most commonly used words and expressions are listed below.
Administrator(m)/Administratrix(f): The name given to a personal representative if not appointed by a valid will. This person will usually have to obtain a grant of letters of administration from the Probate Registry to show that he or she is the person with legal authority to deal with the deceased's estate.
Assets: A persons' Land, buildings, investments, savings and Personal Chattels which together make up their 'estate'.
Beneficiary: A person who benefits from a Will.
Bequest: A gift of a particular object or cash (as opposed to 'Devise', which means land or buildings).
Charity: An organisation registered as a UK charity or other qualifying organisation e.g. Hospices.
Civil Partner: A person who has entered into a civil partnership with another person.
Civil Partnership: The relationship between two civil partners registered under the Civil Partnership Act 2004.
Child (referred to in a will or intestacy): Child of the deceased including adopted and illegitimate children but, unless specifically included in a Will, not stepchildren.
Class of persons: A group of people with a particular common link, e.g. all my grandchildren, or all my first cousins.
Codicil: A document that alters an existing Will.
Co-habitee: A partner of the deceased who may be able to claim a share of the estate. The term 'common law wife' has no legal force.
Domicile: The country you consider to be your permanent home even if you actually reside elsewhere. It is distinct from nationality and place of residence.
En Ventre Sa Mere: This means a child unborn within the mother's womb.
Estate: For inheritance tax purposes since 22 March 2006, this includes a person's assets in their sole name, their share of joint assets, assets they have nominated elsewhere, assets in trust (an immediate post death interest, disabled person's interest or a transitional serial interest) from which they had a benefit, assets given away but in respect of which a benefit had been reserved and the value of alternatively secured pension funds where the deceased had benefits as an original member or as a dependant who received benefits in succession to an original member. The value of chargeable transfers within seven years of death (most usually gifts other than those to individuals) must be added in order to calculate the inheritance tax due.
Excepted estate: One that is less than £325,000 or more than £325,000 but less than £1,000,000 and no Inheritance Tax is payable because the estate passes to a spouse, civil partner or a charity.
Executor(m)/Executrix(f): The name given to a personal representative if he or she is appointed by a valid Will or codicil. The executor will usually have to apply for probate of the Will to show that he or she is the person with legal authority to deal with the property of the deceased.
When you appoint an executor you may wish to consider whether it
is really necessary to appoint a professional executor such as a
solicitor, will writer or bank as an executor in your will. A
professional executor is rarely needed if your affairs are
straightforward - it can be done by family or friends.
Even if there is no professional executor named in the will, a
non-professional executor can still employ a professional when you
die if they wish. Whether a firm is named as sole executor, or
joint executor with a non-professional, the firm's fees will be
payable unless they 'renounce' (give up) their executor duties. It
can be expensive to use a professional executor particularly if
they charge a percentage of the value of the estate. Professional
executors do not have to renounce if they are asked to by the
beneficiaries and may say they have been appointed according to
your wishes when you made your will.
Free of Tax: Gifts made by Will can be expressed to be free of tax which means that any inheritance tax on the value of that gift is borne by the residuary estate.
Grant of probate: The document issued by the probate registry to the Executors of a Will to authorise them to administer the estate of someone who has died.
Guardian: A person who would become responsible for your children in the event of your death before your children are 18 years old.
Inheritance tax (IHT): The tax that may be payable when the total estate of the deceased person exceeds a set threshold (subject to various exemptions and adjustments).
Intestate: A person who dies without making a Will.
Issue: Your children and all generations arising from them - grandchildren, great-grandchildren, and so on.
Joint Tenants: Where two or more people own assets as 'Joint Tenants' it means that on the occasion of the death of one of them their share in that asset passes automatically to the surviving co-owner(s) and not as part of their estate under their Will.
Legacy: A gift of money or object.