Glossary of Terms
ASSENT
The legal term for when a property is transferred by executors to a beneficiary/trustee
ATTESTATION
The signing and witnessing of a Will
ATTORNEY
A person appointed via a Lasting/Enduring Power of Attorney to manage the finances of a person who is unable to manage them for themselves
BENEFICIARY
The person or charity who receives a gift from a Will
BEQUEST
A gift left in a Will, usually money or a personal possession, but not land or property
CODICIL
An update to an existing Will
ESTATE
All the property and possessions of the deceased
EXECUTOR
The person (male) appointed in the Will to administer the estate and make sure the provisions of the Will are carried out
EXECUTRIX
The female form of Executor
EXTENDED POWERS OF MAINTENANCE AND ADVANCEMENT
This gives the Executors extended powers to use all the capital and interest of a minor beneficiary’s inheritance to pay for their education and maintenance
GRANT OF PROBATE
This confirms that an Executor has the power to administer the estate
GUARDIAN
A person who is legally responsible for caring for a child under the age of 18
INTESTATE/INTESTACY
These terms are used to describe when a person dies without leaving a Will. The person is said to be intestate and the situation is intestacy
ISSUE
This means children, including illegitimate and adopted children but not step-children (unless legally adopted), grandchildren, great grandchildren, etc.
JOINT TENANT
one way of owning property. One death is passes automatically to the surviving joint tenant(s). It cannot be gifted via the deceased’s Will
LPA
Lasting Power of Attorney - Health & Welfare
LPA
Lasting Power of Attorney - Property & Affairs
LEGACY
Another name for a gift in a Will i.e. bequest
LEGATEE
Someone who receives a legacy
MINOR’S RECEIPT CLAUSE
This allows the parent or guardian of a beneficiary who is a minor to give a receipt for any payment on their behalf
PECUNIARY BEQUEST
A fixed sum of money given in a Will
PER STIRPES
Literally this means ‘by branch’. The legacy passes down one branch of the family tree. For example, if a child of the person who made the Will dies, his/her children take their parents’ share rather than it being shared among all surviving grandchildren
PERSONAL CHATTELS
This is defined by law and generally speaking means cars, clothing, jewelry, etc. It does not include (amongst other things) houses, land, bank accounts and business assets
PERSONAL REPRESENTATIVE POWER OF APPROPRIATION
If more than one person is to receive the estate, the Executors can use specific items of property to give them their share. For example, one child might take the house as their share instead of it being sold to give them cash
POWER TO BORROW
This lets the Executors borrow money to pay, for example, IHT
PROBATE
This proves the Will is valid and gives the Executor authority to administer the Estate
RESIDUE/RESIDUARY ESTATE
This is what’s left after all specific and pecuniary gifts have been given and all debts and taxes have been paid. A Will contains a clause setting out who receives the residue and this is called a residuary legacy
TENANTS IN COMMON
one way of owning property
it forms part of your estate so it can be gifted via the deceased’s Will
TESTAMENTARY DISPOSITIONS
Any legal document concerning the distribution of the Estate after death
TESTATOR
The person (male) who makes the Will
TESTATRIX
The female form of Testator
TRUSTEE
A person appointed to look after any part of the estate left under the terms of a Trust
VESTED INTEREST
When a person meets all the conditions of a gift and is absolutely entitled to it, they attain a vested interest
WITNESS
The two people who sign the Will to confirm that the person making it has signed it. Legally they must be sighted, of sound mind, they must witness the signature together and mustn’t be beneficiaries or blood relatives of the Testator and anybody named in the Will