Administrator
An administrator is the person who has the authority to administer the estate of a deceased person, which has been granted by the court because either no Will can be found, or because it is invalid or there is no named executor of the Will.
Assets
Property of all types, real and personal, which have economic value owned by a person. Assets may range from the obvious like real estate, property, or jewelry to more obscure assets like patents or copyrights.
Beneficiary
When discussing estates, a beneficiary is someone who will benefit from the Will, trust, or probate process. In other words, anyone who will inherit assets is a beneficiary.
Bequest
A gift left in a Will, generally a family member or friend, or a charity.
Chargeable gift
A gift left in the Will for which inheritance tax will need to be paid by the receiver of the gift.
Confirmation of the Estate (Scotland)
A document issued by the courts confirming the executors have the right to administer the Will, and validates the Will. See Grant of Probate for the equivalent in England, Wales or Northern Ireland.
Creditor
A creditor is a person or organisation to whom money is owed.
Decedent
The person who has died
Estate
An estate is the totality of assets and liabilities of a deceased person, including all manner of property, real and personal.
Executor
The executor is the person appointed by a testator (the deceased person) to carry out the directions and requests in their Will, and to dispose of the property according to their wishes.
Grant of Probate (England Wales and Northern Ireland)
A document issued by the courts confirming the executors have the right to administer the Will, and which validates the Will.
See Confirmation of the Estate (Scotland) for the equivalent in Scotland.
Grief
A deep and poignant distress caused by bereavement. For more information and resources about dealing with grief visit ContinuedPath.com.
Heir
An heir is one who inherits or is entitled to inherit assets.
Intestate
The phrase used to describe when a person dies without a Will.
Inheritance Loan
A cash payment of a percentage of an inheritance made to a beneficiary of that inheritance in exchange for an agreed fee, which is usually a percentage of the total inheritance value, which is collected upon the closing of the estate.
Inheritance Tax
Tax payable to HMRC when an inherited estate is over the government defined threshold (£325,000)
Legacy
A gift of a specific item or cash sum left in a Will (except property).
Liabilities
A liability is any obligation to repay something of economic value. Examples of liabilities may include credit cards, mortgages, auto loans, etc.
Life Insurance
Life insurance provides a predetermined payment to a beneficiary when the insured person dies. Life insurance is not a part of a person’s estate or the probate process.
Pecuniary legacy
A gift of money set out in a Will.
Personal Representative
A personal representative (PR) or legal personal representative is the executor or administrator for the estate of a deceased person. Personal representatives serve as fiduciaries of the beneficiaries of estates and have the duty to act in good faith and in the best interests of the estate’s beneficiaries.
Potentially exempt transfer (PET)
A gift that is exempt from Inheritance Tax when the donor lives for seven years after making the gift.
Probate
Probate is the legal process that handles the general administering of a deceased person’s Will or the estate of a deceased person without a Will.
Testate
When a person dies with a will.
Testator and Testatrix
A male who makes the Will. A Female who makes the Will.
Trust
A trust is a right in a property (real or personal) that is held in a fiduciary relationship by one party for the benefit of another. A trust is formed under state law.
Trustee
The person who holds property on behalf of another person and who is responsible for administering the trust assets.
Variation of Deed
A legal document which allows the beneficiaries to change the terms of the Will, even after the person’s death.
Will
