During an emotional time, the last thing you need is to be distracted by confusing jargon. Unfortunately, if you are not familiar with wills and probate then you can get caught out by some terminology that surrounds them.
At Howells Solicitors we always do our best to ensure that you completely understand everything that is happening. In order to assist this, we’ve put together a complete jargon buster for probate and wills:
A Dictionary of Legal Terms
A
• Administrator – the individual appointed by the court to manage the estate in the case that a will has not been made.
• Advance Decision – also known as a Living Will, which is created if you wish to refuse medical treatment in a situation where you expect to lose mental capacity in the future.
• Assets – items that are mentioned in your estate that have value, this includes properties, vehicles, bank accounts, stocks, shares and other investments.
• Attestation – the name given to the signing and witnessing of a will.
B
• Beneficiary – the individual, charity, or organisation receiving an inheritance from a will or an interest in a trust fund.
• Bequest – a gift that is left to a named individual, charity or organisation in a will. This is typically money or a personal possession rather than land or property.
• Bona Vacantia – the name of the process when an individual dies with no will and no family then their estate passes to the Crown.
C
• Chattels – relates to personal belongings such as, art, antiques, jewellery and furniture etc.
• Crown – what the government is referred to in this situation.
• Codicil – the legal document that is required in order to make minor changes to a will but maintain the validity of said will.
D
• Dependents – anyone who is cared for by the holder of the will, generally referring to children, spouse or elderly/ sick relatives.
• Domicile – generally the country of birth but can also relate to where someone legally resides, this may have an impact on the inheritance tax paid on the estate.
E
• Enduring Power of Attorney – now called Lasting Power of Attorney
• Estate – all possessions owned in your name, including property, land, vehicles, cash and investments.
• Executor – the individual appointed in the will to administer the estate and carry out the provisions that have been set aside in the will.
G
• Grant of Probate – the document that confirms that the Executor has the power to administer the estate
• Guardian – the individual legally responsible for caring for a child under the age of 18.
I
• Inheritance Tax – also referred to as IHT, this is a one-off tax that is paid on the value of an estate that’s valued at more than £325,000.
• Intestate – when a person dies without a will in place, this is referred to as Intestacy and is dealt with following a strict set of rules.
• Issue – a term describing your children, grandchildren and great grandchildren etc. this includes illegitimate and adopted children but excludes step-children.
J
• Joint Tenancy - a way of holding property where it passes automatically to the other person in the case of death.
L
• Lasting Power of Attorney – a legal document that allows you to appoint someone to look after your affairs if you’re unable to.
• Legacy – another name for a gift or bequest in a will.
• (Grant of Letters) of Administration – provides you with the same authority as Grant of Probate but is issued when there is no will.
P
• Personal Representative – a general term given to both administrators and executors.
• Probate Registry – the body responsible for the issuing of Grants of Probate and Letter of Administration.
R
• Real Estate or Realty – land and property that is owned by the individual.
• Residuary Estate – the part of the estate that is left once all the specific and monetary gifts have been given and debts and taxes have been collected – the will should contain a clause declaring who is entitled to the residuary legacy.
• Rules of Intestacy – the rules that are used to divide your estate in a pre-determined way between the members of your family.
T
• Tenants in Common – a way of owning a property in a different way to Joint Tenancy as each share of the property can be passed on rather than automatically going to the other joint owners.
• Testator – the name given to the individual who is writing a will.
• Trust – a legal way of passing on control of your assets to be managed by people referred to as Trustees. A trust can be created either in your lifetime or via a will.
V
• Vested Interest – the title given to an individual who meets all conditions of a will and is entitled to it.
W
• Wards of Court – orphaned children with no appointed guardians are made Wards of Court and it is the court who decides what will happen to them.
• Witness – when signing a will, two people will need to confirm that the person making it has signed it, the individuals confirming this are called witnesses. Generally the witnesses cannot be beneficiaries, married to a beneficiary or be a blood relative of the Testator.
Want expert, professional help in administering, creating or contesting a will? Talk to Howells Solicitors today, we promise to speak to you in clear, understandable English and are happy to explain the process in further detail.
