Legal Jargon Buster

Administrator
When someone dies without a will the people entitled to manage and settle the deceased's affairs are called administrators. The Rules of Intestacy dictate who the administrators can be.

Affidavit
A statement in writing made on oath.

Assets
Assets are anything you own which has value; such as property, land, savings and investments, cash, cars and family heirlooms.

Beneficiary
Someone who is named in your will to receive inheritance from the estate.

Bequeath
This is to leave money or property to a beneficiary named in a will.

Bequest
A gift of money or property in a will.

Chattels
These are your personal belongings including cars, jewellery, collections and household items such as antiques, paintings and furniture.

Civil partner
Someone with whom you have registered a same sex Civil Partnership with under the Civil Partnership Act 2004.
 
Codicil
A legal document which can be used to make minor changes to a will. To be valid the same formalities have to be adhered to as in a will.

Crown
Crown is another term for the Government. If a person dies without making a will and has no next of kin, ultimately the Crown will receive the whole estate.

Estate
Your estate includes your: home, car, bank accounts, investments and anything else you owned in your sole name such as jewellery and household items. Anything you own jointly will automatically pass to the surviving joint owner when you die.

Executor
An Executor is the person or people named in your will to manage and administer an estate.

Grant of Probate
The legal document issued to the executors of the will by the Probate Registry, granting them the legal authority to deal with a deceased's estate.

Guardian
The person/s named in a will to look after any children under the age of 18 in the event of their parent's death.

Inheritance Tax (IHT)
The tax payable on an estate when someone dies. Everyone has an IHT allowance called the 'nil rate band'. The current 2010/2011 IHT allowance is £325,000 for individuals, or £650,000 for married couples or civil partners. IHT is payable at 40% on the value of the estate which exceeds the nil rate band.

Intestate
The term used when someone dies without a valid will in place. Without a will, property and possessions held in the sole name of the deceased will be distributed according to the Rules of Intestacy. Jointly held assets will pass automatically to the surviving joint owner on death.

Issue
'Issue' are the children, grandchildren and remoter descendents of a person, whether born within or outside marriage, including adopted children.


Joint tenancy
A form of property ownership where all the joint owners own the property together. On the death of one owner, their interest passes to the remaining owner(s) by survivorship.


Letters of Administration
The legal document issued by the Probate Registry to the administrator of an estate of a person who has died intestate.
Life interest
A gift that gives someone the right to the income generated from an asset or the right to occupation of a property for the duration of their life, after which the asset or property passes to an alternative nominated beneficiary.
 
 
Pecuniary gifts
These are gifts of a specific sum of money

Residuary Beneficiary
Someone nominated in a will to receive the remainder of a deceased's estate after all other beneficiaries have received their inheritance and all debts have been paid.

Residue
The part of an estate which is left after the payment of all debts, funeral expenses, Inheritance, Income and Capital Gains Tax (CGT) and specific and pecuniary gifts are paid.

Rules of Intestacy
When someone dies without a will (see intestate above), strict inheritance laws called the Rules of Intestacy apply. These rules determine who administers and who will inherit from the deceased's estate (see estate) and in what proportions.

Specific gifts
Specific gifts which are either of financial or sentimental value for example a piece of jewellery, a stamp collection, household items or a car.
Spouse
A married partner (not a cohabitee).

Substitute beneficiary
A person who is named as an alternative beneficiary in case another beneficiary dies before the person making the will.

Survivorship
When someone dies any jointly held assets, including property and savings passes automatically to the surviving joint owner by survivorship.

Tenants in Common
A form of property ownership where each joint tenant owns a separate share of the property. On the death of one of the part owners, their share passes to the beneficiaries in line with the will or the rules of intestacy.

Testator (or Testatrix, if female)
This is the person who is writing the will.

Trust
A legal arrangement where one or more people (trustees) are made legally responsible for assets which are placed in the trust for the benefit of the named beneficiaries.

Trustee
The person responsible for administering a trust. This involves looking after property and/or assets for the benefit of the named beneficiaries. Trustees have a duty to act in good faith, which means they cannot enrich themselves at the expense of their beneficiaries.

Will
A legal document where a person declares their intention as to what they would like to happen to their estate after their death.

Witness
Someone who verifies the signing of a will. A will must have two witnesses who verify the signature of the testator (the person writing the will). They must sign the will in the presence of each other and the testator and must not benefit from the will.