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Absolute Interest
The entitlement to the item of property which is not limited by any other person’s... -
Administrator
A person appointed by the Court to manage the estate of a deceased... -
Ambulatory Will
A will which can still be changed because the settlor is... -
Assent
A formal document which is required when transferring ownership to a person who is entitled to the property following the death of the... -
Beneficiary
A beneficiary is someone who stands to gain as a result of a bequest made in a will or who receives something from an... -
Bequest
A gift of Chattels or Assets by... -
Codicil
A codicil is an addition or amendment to an existing... -
Common Law Partner
A partner who you live with but to whom you are not... -
Contingent Will
A will which will only become effective if some condition is... -
Declaration of Trust
See... -
Discretionary Trust
This is a trust where the beneficiaries and/or their entitlements to the trust fund are not fixed, but are instead determined by the criteria set out in the trust instrument by the... -
Estate
The assets of a person at the time of their death, less any outstanding... -
Executor
An executor (or executrix in the case of a female) is the person (or people) who have been appointed in a will to deal with the testator's affairs after their... -
Grant of Probate
This is a legal document which allows the person or persons named in it to collect in and distribute the... -
Grant of Representation
A legal document which confirms that the executor has the authority to deal with a deceased person's... -
Guardian
A person appointed to safeguard,protect and manage the interests of a child or mentally disabled... -
Inheritance Tax (IHT)
This is a tax imposed on the privilege of receiving property by inheritance or legal... -
Intestacy
This refers to the situation where a person who has died has not made a valid... -
Legacy
See... -
Letter of Administration
This is the authority given by the Probate Registry to deal with the affairs of a deceased person who has not left a valid... -
Living Will
This is a document setting out in advance what types of medical treatment the maker of the will does or does not wish to receive in specific circumstances should he or she be incapable of giving or refusing... -
Mental Incapacity
The state of being deemed not able to make... -
Next of Kin
This term is used to describe a person's closest living... -
Nil Rate Band
The amount of Inhertitance Tax for which you are not... -
Power of Attorney
This is a deed which gives power to a person to act on someone else's behalf in a legal or business... -
Probate
This is the official verification of a will by the Probate... -
Residual Beneficiary
The Beneficiary of the Residual... -
Residuary Estate
The remainder of the estate after payment of all debts, legacies, taxes and... -
Revoke
Cancellation of a... -
Settlement
See... -
Settlor
The creator of a... -
Testator
The testator (or testatrix in the case of a female) refers to the person who makes a... -
Trust
Property legally entrusted to someone with instructions to use it on behalf of another... -
Trust Instrument
Legal document which creates a... -
Trustee
A person who holds or administers property in a trust for someone... -
Vested Interest
A right to immediate or future... -
Will
A disposition or declaration through which someone provides for the distribution of their estate upon their... -
Witness
The people who witnessed a will being signed by the...
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