Glossary

Use our Glossary to help you with the definitions of some of the words that we use. We know that legal terms are sometimes difficult to understand.

Administration of an estate 

The process executors of a will undertake to administer a deceased person’s estate – collecting together all monies and belongings, put into effect the wishes of a deceased person and pay any debts they have. 

Beneficiary 

A person who receives a gift of money or other belongings via a deceased person’s will. 

Bequest 

The act of leaving or giving something by a will. 

Chattels 

Belongings (assets) other than land including jewellery, paintings, cars, household items. 

Codicil 

A document that amends a previously executed (signed) will. 

Deed of Variation 

A legal document that changes a deceased’s will.  For example, changes the beneficiaries or the way the estate is divided. 

Discretionary Trust 

A trust where the Trustees decide who of named beneficiaries should receive the income and capital from the trust. 

Estate 

Everything an individual owns less any liabilities they have (money they owe). 

Execute a will 

To sign a will. 

Executor 

A person appointed in a will to administer a deceased person’s estate.   

Grant of Probate 

A document obtained from the court giving executors the legal authority to administer a deceased person’s will.   

Guardian 

A person appointed in a will to take care of (parental responsibility) for a child under 18. 

Inheritance Tax (IHT) 

 A tax imposed when something of value is transferred from one person to another.  

Intestate 

Someone who has died without a will or where their will only covers part of their estate.    

Intestacy Rules 

The legal rules that apply when someone has died intestate.  They govern who an intestate’s estate will pass to and who will deal with the distribution of the estate. 

Issue 

An individual’s descendants – children, grandchildren, great-grandchildren etc. 

Joint Tenancy 

Whereby owners of property have an equal share of it.  Commonly many homes are owned as joint tenants. 

Lasting Power of Attorney (LPA) 

A legal document whereby a person can appoint another person or persons to act on their behalf should they lose the mental capacity to make decisions.  LPAs can be made to deal with financial affairs and/or health and care matters. 

Legacy  

A gift to someone in a will.  A pecuniary legacy is a gift of money.  A specific legacy is the gift of a certain item e.g. a particular painting or personal belongings. 

Letters of Administration 

A document obtained from the court enabling a personal representative to administer a deceased person’s estate when they did not leave a will or a valid will (died intestate). 

Personal Representative 

A person who has been issued with a legal document (a grant) enabling them to administer a deceased person’s estate. 

Probate 

A process of proving a will by the executors. 

Residue 

The part of a person’s estate that is left after the payment of specific gifts, debts, funeral expense and inheritance tax. 

Revocation of a Will  

The process whereby a person cancels their will (or codicil to their will) such that they do not intend it to take effect.   

Tenancy in Common 

Whereby owners of property own a separate share in that property (do not own it jointly). 

Testamentary capacity 

Having the required mental capacity to make a will. 

Testator/testatrix 

A person who has made and signed a will.  A female who has made and signed a will is often referred to as a testatrix. 

Trust 

A legal relationship whereby one or more people (the Trustees) control property for the benefit of others (the beneficiaries). 

Will 

A legal document in which person decides what should happen to their estate after their death.