glossary of terms
ASSENT - The legal term for when a property is transferred by executors to a beneficiary/trustee.
ATTESTATION - The signing and witnessing of a Will.
ATTORNEY – A person appointed via a Lasting/Enduring Power of Attorney to manage the finances of a person who is unable to manage them for themselves.
BENEFICIARY - The person or charity who receives a gift from a Will.
BEQUEST - A gift left in a Will, usually money or a personal possession, but not land or property (see Devise).
CODICIL – An update to an existing Will.
EPA – Enduring Power of Attorney.
ESTATE - All the property and possessions of the deceased.
EXECUTOR - The person (male) appointed in the Will to administer the estate and make sure the provisions of the Will are carried out.
EXECUTRIX – The female form of Executor.
EXTENDED POWERS OF MAINTENANCE AND ADVANCEMENT - This gives the Executors extended powers to use all the capital and interest of a minor beneficiary’s inheritance to pay for their education and maintenance.
GRANT OF PROBATE - This confirms that an Executor has the power to administer the estate.
GUARDIAN - A person who is legally responsible for caring for a child under the age of 18 (16 in Scotland).
INTESTATE/INTESTACY - These terms are used to describe when a person dies without leaving a Will. The person is said to be intestate and the situation is intestacy.
ISSUE – This means children, including illegitimate and adopted children but not step-children (unless legally adopted), grandchildren, great grandchildren, etc.
JOINT TENANT – one way of owning property. One death is passes automatically to the surviving joint tenant(s). It cannot be gifted via the deceased’s Will.
LPA – Lasting Power of Attorney.
LEGACY - Another name for a gift in a Will, either a bequest or a devise.
LEGATEE - Someone who receives a legacy.
MINOR’S RECEIPT CLAUSE – This allows the parent or guardian of a beneficiary who is a minor to give a receipt for any payment on their behalf.
PECUNIARY BEQUEST – A fixed sum of money given in a Will.
PER STIRPES – Literally this means ‘by branch’. The legacy passes down one branch of the family tree. For example, if a child of the person who made the Will dies, his/her children take their parents’ share rather than it being shared among all surviving grandchildren.
PERSONAL CHATTELS – This is defined by law and generally speaking means cars, clothing, jewellery, etc. It does not include (amongst other things) houses, land, bank accounts and business assets.
PERSONAL REPRESENTATIVE
POWER OF APPROPRIATION – If more than one person is to receive the estate, the Executors can use specific items of property to give them their share. For example, one child might take the house as their share instead of it being sold to give them cash.
POWER TO BORROW – This lets the Executors borrow money to pay, for example, IHT.
PROBATE – This proves the Will is valid and gives the Executor authority to administer the Estate.
RESIDUE/RESIDUARY ESTATE – This is what’s left after all specific and pecuniary gifts have been given and all debts and taxes have been paid. A Will contains a clause setting out who receives the residue and this is called a residuary legacy.
TENANTS IN COMMON – one way of owning property. It forms part of your estate so it can be gifted via the deceased’s Will.
TESTAMENTARY DISPOSITIONS – Any legal document concerning the distribution of the Estate after death.
TESTATOR – The person (male) who makes the Will.
TESTATRIX – The female form of Testator.
TRUSTEE – A person appointed to look after any part of the estate left under the terms of a Trust.
VESTED INTEREST – When a person meets all the conditions of a gift and is absolutely entitled to it, they attain a vested interest.
WITNESS – The two people who sign the Will to confirm that the person making it has signed it. Legally they must be sighted, of sound mind, they must witness the signature together and mustn’t be beneficiaries or blood relatives of the Testator and anybody named in the Will.
