Glossary
Click on a term to learn it's meaning:
- Assets
- All and everything, including those jointly, owned by the deceased
- Beneficiary
- A person entitled to a share of an estate
- Bequest
- A gift made in a Will of cash or a specific item, not including property
- Capital Gains Tax
- More often referred to as CGT is the tax payable when selling an asset based on the amount of profit made
- Conveyancing
- The legal process undertaken in order to dispose of or acquire land and buildings
- Chattels
- Property other than real estate. Movable possessions which may be included in a sale, for example. furniture, curtains.
- Estate
- Everything owned and owed by a deceased person
- Executor
- The person or persons named in a will to administer the estate
- Grant of Probate
- Usually obtained by the executors appointed in the Will is the document issued by the Probate Registry in favour of the executor(s) allowing them to deal with the estate
- Income Tax
- Tax payable on income
- Inheritance Tax
- Often referred to as IHT is the tax payable to the government in respect of the estate and certain lifetime gifts after death
- Inheritance Tax Allowance
- The amount under which no Inheritance Tax is payable, currently being £325,000
- Inheritance Tax Threshold
- The amount over which Inheritance Tax becomes payable currently being £325,000
- Instrument of Variation
- A document varying a will or intestacy after death
- Intestate
- Meaning that the deceased had no Will
- Legacy
- A gift made in a Will
- Letters of Administration
- The authority made by the Probate Office to allow the dealing of an estate where there was no Will
- Liability
- A debt which must be settled by the estate. This could include mortgages and loans, Tax and funeral expenses.
- Nil Rate Band Discretionary Trust
- A trust created in a will to allow the holding of assets up to the Inheritance Tax Allowance
- Pecuniary Legacy
- A specific gift made in a Will. For example a sum of money or a specific item
- Probate
- The process by which an estate is administered
- Probate Office or Registry
- The body which deals with the Grant of Probate and other matters in relation to Probate
- Residue
- Often referred to as the Residuary Estate is the amount left after all specific gifts have been made and liabilities been discharged
- Residuary Legacy
- A gift under a Will relating to the estate after all Pecuniary Legacies have been discharged
- Stamp Duty Land Tax
- A tax paid by the buyer upon the transfer of property where the consideration exceeds £125,000
- Will
- The document laying out the deceased’s wishes
We can Call You Back
If you have a question about probate, please fill out the short form below and we will call you back at a time that suits you.
