Glossary

Administrator - a person appointed by the Court to take care of the estate if a Will has not been made.


Assets - anything you own of value including property and land, investments, cash, and items such as paintings, antiques or valuable jewellery and vehicles.


Beneficiary - Any person or organisation to whom you wish to leave a legacy or bequest (gift) in your Will.


Chattels - personal belongings that usually include items of furniture, art, antiques, jewellery, watches.


Contingent bequest - A gift in your Will which depends upon the occurrence of an event which may or may not happen. For example - a bequest to a charity which applies only if other beneficiaries named in the Will die before the testator (person who made the Will).


Codicil - Any change or addition that you make to your Will. It must follow the same legal formalities as the original Will.


Estate - The total sum of your possessions, property and money (minus debts) left after your death.

Executor(s) - Person(s) appointed by you to make sure the wishes in your Will are carried out.

Pecuniary bequest - A gift of a fixed sum of money in your Will.


Grant of Probate - If you are named as an executor of a Will you may need to apply for a grant of probate. A grant of probate is an official document which the executors may need to administer the estate. It is issued by a section of the court known as the probate registry.


IHT- Inheritance Tax.


Intestate - The condition of dying without having made a Will. See who will benefit from your estate.

Joint Tenancy - a common arrangement for property owned by two or more people. When one owner dies, their ownership passes to the surviving owners (s).


Issue - Children, grandchildren, adopted children.


Legacy - A bequest or gift left in your Will. It can be in the form of money, property, stocks and shares or possessions.


Life interest - The right of a beneficiary to benefit from part or all of an estate for their lifetime.


Lasting Powers of Attorney - A Lasting Power of Attorney (LPA) is a legal tool that allows you to state who you would like to make decisions on your behalf, should you become unable to do so in the future. It lets you choose a person (or people) you trust to act for you.


Letters of Administration - gives the same authority as the Grant of Probate but is issued when there is no Will.


Personal Representative (PR) - general term for both administrators and executors.


Probate Registry - the public body responsible for issuing grants of probate and grants of letters of administration.


Probate - the legal procedure after death which confirms your Will is valid and confirms the executors' authority to carry out your wishes.


Residuary bequest - A gift of the remainder of the estate after all other bequests have been made and debts cleared.


Residue - what is left of the assets to share out after all the debts and legacies have been paid.


Tenants in Common - the alternative way to hold joint property as opposed to joint tenants. Tenants in common own specific shares of an asset that can be passed on under their Will (and do not pass to the surviving owner as it does with joint tenants).


Testator - the person who's writing the Will.


Specific bequest - A particular named item left as a gift in your Will - for example, a piece of jewellery.


Witness - a Will must have two witnesses to the testator signing it and they must not be beneficiaries of the Will, or close family members of beneficiaries.

© 2019 by Jacobsen Black Estates