Glossary of Terms

Administrator
The person who administers the estate of a deceased where he/she has not left a Will but dies intestate

Deceased
The person who has died

Enduring Power of Attorney
A specific form of Power of Attorney, now the most common sort. Under this form of Power of Attorney, so long as it is signed at the time the donor is of sound mind, the Attorney can continue to act on behalf of the donor after the donor ceases to have mental capacity. The document is then registered at the Public Guardianship Office. Although this sounds complicated, it is a relatively simple procedure

Executor
A personal representative who has been appointed as such under the terms of the Will of a Testator.

Guardian
The person (or people) responsible for the welfare of an infant after the death of both of its parents. A properly drawn Will should incorporate the appointment of guardians where the testator has infant children.

Inheritance (Provision for Family and Dependants) Act
An Act which enables certain classes of people to make a claim against the estate of a deceased. The claim will be on the basis that the Will of the deceased or the laws of intestacy do not make reasonable financial provision for the person(s) claiming.

Inheritance Tax
The current form of death duties. Generally, it is charged on the assets of the deceased as at the date of death together with the value of any gifts made by the deceased in the seven years prior to death.

Intestacy
Where a deceased has died without making a valid will.

Letters of Administration
The document obtained when an administrator makes an application to the Probate Registry. Receipt of the letters of administration will enable the administrator to administer the estate of the deceased.

Nil Rate Band
Currently £250,000. This is the threshold below which no Inheritance Tax is actually chargeable.

Personal Representative
The person who carries out the administration of an estate of a deceased.

Probate
The document obtained when an executor submits a Will to the Probate Registry. Receipt of probate enables the executor to administer the estate of the deceased.

Public Guardianship Office
The Government office that deals with the affairs of people who are unable to deal with their own affairs. Where such people have made enduring Powers of Attorney, the duty of the Public Guardianship Office is to register those Powers of Attorney once incapacity has taken place. This enables the Attorney to continue to operate the enduring Power of Attorney.

Settlor
Someone who creates a Trust.

Testator
A person who makes a Will.

Trusts
Can be created during lifetime or in a Will. The creation of a Trust enables appointees of the Settlor – the Trustees – to manage the assets, that the Settlor has put into the Trust, in accordance with the terms of the Trust. Trusts can be used either for the purpose of tax saving or to protect beneficiaries.

Trustees
The persons who operate and manage Trusts. A heavy duty is now imposed upon Trustees.

Will
A document made by a testator being his last wishes to take effect on death.

The requirements for the “execution” of a Will are very strict and need to be followed precisely if the Will is to be effective.

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