Glossary

Administrator

Has the same responsibilities as an executor but is appointed by the Court with an associated cost to the estate when there is no Will, the Will does not name an executor or a named executor is unable or unwilling to act.

Beneficiary

A person, or an organisation, who benefits from a Will or trust.

Codicil

A document or amendment that alters the terms of an existing Will.

Enduring Power of Attorney (EPA)

When a person gives lawful power to someone else to run their financial affairs if the person giving the power should lose their mental capacity.

Estate

The money, possessions and other assets that you own which can be left under your Will.

Executor

A person or company named in your Will who is responsible for carrying out the wishes set out in your Will and paying any taxes or debts.

Grant of Probate

A document issued by the Courts confirming the validity of a will and allowing the executor to administer the estate.

Guardians

People who are given responsibility to look after your children if they are under 18. Guardians do not usually become necessary until the death of the surviving parent.

Inheritance Tax

A tax payable on death on the value of an estate over £285,000 (tax year 2006/07). The current rate of tax is 40%.

Intestacy

Where the law decides who inherits money and possessions because there is no valid Will.

Intestate

Dying without having made a Will or not having a valid Will.

Issue

Your children, their children etc. down your family tree.

Joint Property

Joint Property (under English Law)

There are two ways of jointly owning property:

• Under joint tenancy the entire property passes to the survivor(s) following a death.
• Under tenancy-in-common a person’s share of the property pass to others under the terms of the Will or according to the rules of intestacy.

Legacy

Gift you wish to give to a person or organisation following your death. This will usually either be an amount of money or a specific item(s). If an item, take care to be very clear about describing it to avoid confusion.

Letters of Administration

Issued by the Courts to an administrator instead of a grant of probate for the same reasons as explained under ‘Administrator’.

Mirror Will

A Will that contains almost identical terms to your own Will. Usually used for husbands and wives or partners where the beneficiaries are the same.

Property

In legal terms this can mean all types of assets not just land or a building.

Property Trust

A Trust added to a Will that protects all or part of the value of a property for named beneficiaries.

Testate

Dying with a valid Will.

Testator / Testatrix

A person who makes a valid Will.

Trust

A written agreement where a named trustee is made responsible for money or other assets for the benefit of people or organisations named in the deed which created the trust.

Trustee

Individuals or an organisation named in a trust deed to take responsibility for the trust assets and manage them.

Will

A Will is a list of instructions telling your Executors what to do with your money and possessions when you die.