Peter Lee (Wills and Estate Planning) Limited

What’s it all about? – Terms and Phrases

What’s it all about – COMMON TERMS AND PHRASES

ARISING IN CONNECTION WITH WILLS AND THE ADMINISTRATION OF THE ESTATES OF DECEASED PERSONS

Note Terms appear in alphabetical order and all defined terms appear in bold

Administrators
Persons whom the law directs are eligible to deal with the Estate of the deceased and who obtain Letters of Administration

Civil Partners
Same sex couples who have registered their civil partnership

Estate
Generally the net assets of a deceased after settlement of all liabilities and taxation and including assets which only have value after death such as policies of life assurance

Executors
Persons appointed in a Will to deal with the Estate of the deceased

Grants of Representation
The collective name for Probate of the Will and Letters of Administration or either of them

Intestate or Intestacy
The state of dying without a Will

Letters of Administration
The document issued by a Probate Registry when the deceased has NOT left a Will which records the formal authority for the Administrators to deal with the Estate of the deceased

Personal Representatives
The collective noun for Executors or Administrators or either of them

Probate of the Will
The document issued by a Probate Registry when the deceased has left a Will, which records the formal authority for the Executors to deal with the Estate of the deceased

Residuary Estate
The assets of the deceased less his/her debts or liabilities
Inheritance Tax if any and any legacies

Statutory Legacy
The amount the law states must pass to a spouse in certain circumstances

Testate
The state of dying leaving a Will

Testator
A man who has died leaving a Will

Testatrix
A woman who has died leaving a Will

Trustees
Persons who assume on-going responsibility for dealing with legacies or estates which are left in Trust or e.g. for the benefit of infant children, once the gift or residuary estate has been identified or established. They may be the same people as the Executors or Administrators or could be specially appointed

If you encounter any words or phrases you dont understand, just give me a call on 01302 531161 or 07788 718729

Peter Lee

Important Notice
This briefing is based upon the law as it stands as at December 2015 and intended as a guide only. It is not intended as and is not legal advice and should not be relied or acted upon without the benefit of professional advice reflecting the circumstances prevailing in your affairs. It is strongly advised that you contact your adviser before taking any steps connected with the planning of your affairs or making a Will.

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