Probate glossary

Understanding some of the Legal Terms used in Probate.

ADMINISRATOR/ADMINISTRATRIX

If you die either without leaving a will or without appointing an executor, an administrator is appointed to distribute your estate.

BENEFICIARY

A person or organisation benefiting under a Will or Trust.

BEQUEST

A gift in a Will; sometimes used instead of a legacy.

CODICIL

A separate document altering or adding to the provisions of an existing Will.

ESTATE

All your property and other assets. It can mean before or/and after the deduction of debts and liabilities and before and after death.

EXECUTOR/EXECUTRIX

Person chosen by you in your Will to distribute your estate after your death according to the terms of the Will.

GRANT OF REPRENSENTATION

Blanket term for Grants of Probate and Grants of letters of Administration

GRANT OF PROBATE

A right granted to your executor(s) by the court to distribute your estate according to the terms of your Will.

GUARDIANS

Guardians can be appointed in a Will to look after minors until they reach 18. Guardians appointed under a Will are legal substitute parents responsible for looking after the children should one die and the other already be dead, incapacitated or not want or be able to for whatever reason take on the responsibility.

INTESTATE/INTESTACY

If you die without making a valid will you are said to have died intestate. Your estate will then be distributed according to statutory rules known as the rules of intestacy.

LEGACY

A gift given in your will.

PECUNIARY BEQUEST/LEGACY

A specific amount of money given in your will.

PERSONAL REPRESENTATIVES

Blanket term for Administrators and Executors

RESIDUE

The remainder of your estate after all specific and pecuniary legacies, debts, taxes, funeral expenses and legal costs have been paid.

RESIDUARY BEQUEST/LEGACY

The gift of all or a part share in of the residue of your estate.

SPECIFIC BEQUEST/LEGACY

A particular item (not money) given in your Will: E.g. watch, ring, stamp collection, car.

SPOUSE

Your husband or wife

TESTATOR/TESTATRIX

The person making the Will.

TESTAMENTORY CAPACITY

The legal and mental ability to make a Will.

TESTAMENTORY DISPOSITION

An arrangement made in a Will; e.g. a gift of money or the creation of a Trust.

TRUST

A legal obligation accepted by one party (the ‘Trustee’) to hold the property (usually money or land) of another party (the ‘Settlor’) for the benefit of that party and /or for the benefit of other parties chosen by the Settlor (the ‘Beneficiaries’).

WILL

A document signed by you in the presence of two witnesses who then sign in front of you and in front of each other setting out your wishes and directions as to what is to be done with your remainder of your property after your death once the debts and liabilities have been paid off.

This article was written via Paul Handford at RWFC

If you have you have any questions or queries regarding the above article please e-mail Paul Handford

Also see

Probate explained
Probate proceedure liable for inheritance tax
Probate proceedure not liable for inheritance tax

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