Enduring power of attorney (EPA): A type of power of attorney which remains effective even if the person who gives the power later loses their mental capacity. Click here for more information
Estate: The assets that you own which can be left under your Will, less any outstanding commitments. There are items which may not be left under your Will - see Joint Property. Most pension provisions are not assets which can be left under the terms of a Will or intestacy.
Executor: A person or company named in a Will to administer your estate and to be responsible for carrying out the terms of the Will and settling taxes and debts.
Funeral arrangements: directions you can give in your Will regarding your wishes such as details of your burial, funeral services, etc.
Grant of probate: A document issued by the court confirming both the validity of a Will and the executor's right to administer the estate.
Guardians: These are people who will look after your children (if under 18 years of age) at the time of your death. Click here for more information.
Inheritance Tax: a 40% tax payable on larger estates. (A legacy to a charity is free of Inheritance Tax). Click here for more information.
Intestacy: An estate where there is no Will and the law directs who inherits.
Intestate: Not having a valid Will, or a person who has not made a Will.
Issue: This means your children, their children and so on all the way down the family tree.
Joint property: Under English Law there are two methods of jointly owning property with another:
Under a beneficial joint tenancy the entire property passes to the survivor(s) on a death.
Under a tenancy-in-common a person's share of the property pass under the terms of his/her Will (or on his/her intestacy).
Legacy: A gift which you wish to leave a person or organisation upon death. Click here for more information
Letters of administration: As for a grant of probate, but issued to an administrator.
Minor: A person under 18 years of age
Mirror Will: A Will which contains almost identical terms to your Will. Many husbands/wives/partners have mirror Wills where they have decided upon the same beneficiaries irrespective of which partner dies first.
Probate: The legal process and the document issued to executors authorising them to administer the estate. If not, an administrator is appointed
Residue: What is left of the estate after debts, bequests and legacies have been paid out
Testate: Having a valid Will.
Testator (male)/Testatrix (female): the person making the Will.
Trust: A written arrangement whereby an appointed trustee is given money or assets to hold and manage for the benefit of those defined in the deed which created the trust.
Trustee: A company, or individuals, appointed in the trust deed to hold the trust assets and to be responsible for the management of a trust.
Will: A written document which when properly executed controls how a person's assets are to be dealt with after his death. If improperly executed the document may not constitute a Will
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Wills in expectation of marriage: If you and your partner intend getting married soon your Will(s) can be made 'in expectation of your marriage' which means it/they will be valid before and after the marriage takes place. Marriage would otherwise cancel a Will.
Witness: Two witnesses must see you sign your Will and you must also watch both of them sign it. They must also watch each other sign the Will. No beneficiary (or their spouse) should sign the Will; if they do, any gift to them or their spouse will be invalid and will fail. |