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
Our Service To You
The process of obtaining a Grant of Probate can be complicated and stressful. As professionals we are able to relieve you of all of this by:
- Where appropriate arranging for one of our Consultants to visit you and gather essential information that will be required
- Providing help and advice in respect of the application for Probate
- Giving advice to reduce Inheritance Tax Liability
- Dealing with the estate including the collection all assets and distributing them in accordance with the Will
- Providing full Estate accounts
- Assist with the sale of any land, property or chattels
- Assume all the potential liabilities from the Executors as our service is underwritten with Professional Indemnity Insurance
All of this can be achieved by us working alongside the appointed executors or by Wills and Probate Countrywide being appointed to act as professional executors.
To find out how we can assist you please contact us.
