Glossary

Term	Meaning
ADVANCED DIRECTIVE	See Living Will.
ATTESTATION	The signing and witnessing of a Will.
ATTORNEY	A person appointed in a Lasting Power of Attorney. See LPA-PA and LPA-PW.
BENEFICIARY	Any person, or organization such as a charity, who is entitled to the benefit of the land or property of the Testator.
BEQUEST	A gift of personal property or chattels by Will.
CAPACITY	Ability to make a Will by satisfying all the legal requirements.
CASE LAW	The decisions in cases which are brought before a Court of Law and that decision is binding on other Courts. For example, a decision of the House of Lords is binding on the Court of Appeal and so on.
CHATTELS	Any property belonging to a person, other than freehold land or property used for business purposes.
CLASS GIFTS	Gifts made to a class of people by reference to their relationship to the Testator. Persons included in these groups must be ascertainable and particular care should be used when making class gifts to relatives, dependants, friends, colleagues and unincorporated bodies such as sports clubs etc.
CODICIL	An attested document, which adds to, explains, alters or confirms a Will previously made by him/her.
COURT OF PROBATE	Part of the Family Division of the High Court dealing with matters relating to a Will.
DEED OF VARIATION	A document which allows the terms of a Will to be varied, with the consent of all beneficiaries. Such a variation must be done within two years of the death of the Testator.
DEVISE	A gift of freehold land by Will.
DISCLAIMER	Rejection of a gift in a Will by a beneficiary.
DISCRETIAONARY TRUST	A trust fund which is set up for the benefit of a number of named beneficiaries and, under the terms of the trust, the Trustees decide which of the beneficiaries will benefit and by how much.
INTESTATE	Dying without a Will.
EXECUTOR	The person having the duty to carry out the provisions of a Will. An Executor will apply for Grant of Probate, collect in assets, pay debts and distribute the remainder of the Estate according to the terms of the Will.
GUARDIAN	A person appointed by Will to take parental responsibility for children and look after them until they attain their majority.
GRANT OF PROBATE	Certificate issued by the Probate Office, which is sealed by the Court and confirms that the Will has been proved and gives authority for the Executors to act.
HEIR	He/she who succeeds by right of blood to the real property of their ancestor on intestacy.
INHERITANCE TAX (IHT)	Tax which is payable to HM Revenue & Customs on a deceased person's estate over and above the current nil rate band threshold.
INTER VIVOS	If a person creates a trust during his/her lifetime (ie not in their Will), the trust is said to be an inter vivos trust.
MINOR'S TRUST	In a Will, if a legacy or any part of an estate is left to somebody under 18 (or some other specific age, for example, 25) then what is left to them is automatically held in trust by the Trustees until they reach 18 or the specified age at which they can receive their inheritance. The Trustees are given powers in the Will to enable them to use some or all of the inheritance towards the education, maintenance, and benefit of the child. See TRUST.
JOINT AND SEVERAL	Where two or more persons enter into an obligation; each is liable individually and they are all liable jointly. For example, one or more can be sued as individuals and they can also be sued jointly.
JOINT TENANCY	The ownership of land by more than one person; on the death of one joint owner the land passes to the survivor(s). When only one survives he/she takes the land and can then dispose of it by Will.
LAPSE	Where a beneficiary predeceases the Testator, the gift to that beneficiary is said to lapse.
LASTING POWER OF ATTORNEY - Property & Affairs (LPA-PA)	A document used to appoint someone (or more than one person) that you trust completely, to have the legal power to deal with all of your financial affairs. This includes something as simple as paying your bills. It replaces the old Enduring Power of Attorney.
LASTING POWER OF ATTORNEY – Personal Welfare (LPA-PW)	A document used to give someone authority to act on your behalf, deal with your medical treatment and generally look after your best interests whilst you are unable to do so yourself.
LEGACY	Gift of personal property by Will.
LETTERS OF ADMINISTRATION	If a person dies without leaving a Will, to enable the estate to be distributed Letters of Administration will be granted to an interested person. An interested person is someone with an interest in the estate being wound up. For example a spouse, child, creditor etc.
LIFE INTEREST	When a person is entitled to benefit from an asset during his/her own lifetime then, on his/her death, the asset will pass to another beneficiary named in the Testator's Will.
LIVING WILL	Also known as an Advanced Directive. A document which guides the medical profession on your wishes regarding the use of life-sustaining procedures. A much more basic document then the Lasting Power of Attorney – Personal Welfare.
NIL RATE BAND	The amount that an individual can leave on his/her death subject to 0% inheritance tax. This is generally adjusted on an annual basis in the Budget.
PARENTAL RESPONSIBILITY	A child's mother has parental responsibility unless it is removed from her by a Court. So to does the father if he was married to the mother, or if he successfully applies for it, or if after December 2003 he is named on the child's birth certificate. See GUARDIAN.
PARTIAL INTESTACY	Occurs where part of the residuary gift fails for want of a beneficiary. For example, the residuary beneficiary has predeceased theTestator and there was no provision for alternatives.
PECUNIARY LEGACY	Gifts of money.
PERSONAL REPRESENTATIVES	This is a generic term for Administrators and Executors.
POTENTIALLY EXEMPT TRANSFERS (PETs)	These are transfers made by a Testator during his/her lifetime. If these transfers were made within seven years before death, inheritance tax will be potentially payable on such gifts by the beneficiary.
PROBATE	See COURT OF PROBATE and GRANT OF PROBATE.
REALTY	Freehold land, immoveable property.
RESIDUE or RESIDUARY ESTATE	That which remains of the deceased's estate after the payment of debts, funeral expenses, legacies etc.
RESIDUARY LEGATEE	The beneficiary taking all or part of the Residuary Estate.
REVOCATION OF A WILL	To cancel an existing Will in writing, or to automatically cancel an existing Will by completing a new Will.
STATUTE LAW	Acts of Parliament.
TENANTS IN COMMON	Where two or more persons own part of the same property individually. In their Will, each person can leave their part to a beneficiary.
TESTAMENT	A statement made by a Testator, such as a Will.
TESTATOR	A person who makes a Will.
TRUST	Where assets are held by one or more persons [the Trustee(s)] for the benefit of one or more beneficiaries.
TRUSTEES	A person who holds assets for the benefit of another.