Most of us do not give too much thought to the probate business until we are dealing with a loved one’s estate, and then it can swiftly become overwhelming. We have compiled a brief A-Z of key terms relating to wills and probate to help you navigate this tense time.
The A-Z
Administration – managing the deceased’s documents and assets as per the will and in line with the rules of intestacy/
Attestation – the witnessing of a signature.
Asset – the deceased’s belongings, money and property.
Beneficiary – anyone due a share of the deceased’s estate.
Capital Gains Tax – tax due on the profit of asset sales.
Codicil – a legal document that can be used to amend a will.
Deed of Variation – used to redirect beneficiary entitlements, often in order to reduce inheritance tax.
Discretionary Trust – a trust allocated to beneficiaries per the terms set out by the trustee.
Executor – the estate administrator.
Grant of Letters of Administration – document that the Probate Registry issues to name an administrator to manage an estate when there is a Will but no named executor, the executors are unable to apply, they do not want to handle the estate, the deceased has not made a Will, or they have an invalid will.
Grant of Probate – document obtained by the executors from the Probate Register.
Intestacy – When a person passes away without having created a legitimate Will, the statutes governing intestacy are applied to divide their estate.
Medallion Signature Guarantee – required whenever securities held with a transfer agent in the USA or Canada are sold or transferred. An example of this would be if a transfer agency were asked to transfer equities.
Notary Public – a legal official appointed to handle legal documents for international use.
Predeceased – a person who dies before the will testator.
Probate – a formal document granting the executors of a will the authority to manage the estate’s assets and possessions. It serves as evidence that the executors are authorised to oversee the deceased’s inheritance.
Renouncing Probate – a named Executor signs a legal document cancelling their duty from the beginning of the administration stage.
Revocation – the testator decides to change their will completely and invalidates the previous one.
Testator – the person who sets out their wishes and requests as to how their estate should be divided in the form of a Will.
For professional probate advice, contact Probate a Will on 0203 9859554.
