Wills, Probate and Estate Planning
Inheritance Tax, Wills, Making of a Will and Tax Planning Practitioners
Probate, Wills and Probate, Inheritance Tax, Secure Storage of Documents
Will Writers, Last Will and Testament, Inheritance Tax and Law, Financial Plan
How to Write a Will, Inheritance Law, Probate, Wills Secure Storage - Heritage Law
Inheritance Planning Tax and Law, No Last Will and Testament, Check Liability
Wills, Writing a Will, Making a Will, Updating a Will, Free Reminder Service
Writing a Will Consultants, Somerset Wills, South West UK, Legal Document
Free Wills Probate Consultation, Gloucestershire Wills Contact Heritage Law
Wills, Inheritance Tax, Probate, Tax Planning Glossary of Terms
Inheritance Tax, Society of Will Writers and Estate Planning Practitoners - Heritage Law
 
 

Wills, Probate and Estate Planning

Here is a brief glossary of typical terms used in conjunction with Wills, Probate and Estate Planning. If there is a term you don't understand either drop us an enquiry on our contact page or phone and we will be glad to help.

Assets:   

The property of the person who has died. For example, a house, household goods, savings, investments, a car, personal effects etc.

Estate:   

The total assets of the person who has died.

Liabilities:   

Any debts that are payable by the estate, for example, gas, electricity bills and funeral expenses.

Intestacy:  

The estate of someone who has died without making a Will.

Administration:  

Dealing with the affairs of someone who has died. Working out the estate value, paying any debts, distributing the balance as instructed by the Will or where there is no Will, as laid out in the rules of intestacy.

Executor:   

The person appointed in the Will to administer the estate.

Administrator:  

The person appointed by the probate court to administer the estate where there is no Will or where the named Executor does not wish to act or is unable to do so.

Inheritance Tax:  

Tax payable based on the value of the estate assets at the date of death.

Beneficiary:   

A person entitled to receive a specific gift, sum of money or share of the estate.

The Residue:  

The balance of the estate after payment of funeral expenses, debts, legacies and all taxes.

Residuary Beneficiary: 

A person entitled to the residue.

Legacy:   

A gift made in a Will.

Probate:   

A legal court which is able to grant an individual the authority to deal with the deceased person's estate.

Grant of Probate: 

 A document issued by the probate court confirming the Executors legal authority to deal with the assets and liabilities of the estate.

Grant of Letters: 

 A document issued by the probate court that gives the administrator the legal authority to deal with the assets and liabilities of the estate where there is no Will.

Realisation:   

Converting estate assets into cash.

  
 
Probate, Inheritance, Dealing with the affairs of someone who has died