Dictionary of probate terms

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• Administrator
  The legal representative of a deceased person who has died without leaving a will – usually, the closest relatives of the deceased. See also Executor.

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• Residuary estate / residue
  What remains of the estate after payment of taxes, and any debts, legacies and expenses.

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• Acquisiton/probate value
  The value at which either the personal representative or the beneficiary acquires the assets. See also Agreed value.

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• Affidavit/oath
  A written statement by a person (usually called the “deponent”) who signs it and swears or affirms to the truth of its contents.

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• Agreed value
  The probate value as formally agreed by the Capital Taxes Office, where Inheritance Tax is payable. See also Acquisition/probate value.

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• Instrument of variation
  A document enabling the will or intestacy provisions of a deceased person to be varied.

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• Intestacy/intestate
  The situation where someone dies without leaving a will which disposes of all their assets. The administration of an ‘intestate’ estate is governed by the Administration of Estates Act 1925. See also Testator/testate.

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• Letters of Administration
  A grant of representation issued by the Probate Registry where a person has died without leaving a will. The grant authorises the next of kin or closest relative to deal with the administration of an estate. See also Grant of representation.

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• Personal chattels
  Personal effects (not including chattels used at death for business purposes, or money or securities for money).

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• Trustee
  Person who is holding assets on trust.

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• Vested interest
  Right to immediate or future entitlement.

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• Abatement
  A reduction in the amount of legacies, debts or claims paid where an estate is insufficient to pay all in full. This is normally made pro rata.

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• Absolute interest
  An interest that the beneficiary is completely entitled to immediately, without any restrictions.

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• Accumulation
  The retention and reinvestment of interest.

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• Ademption/adeem
  The failure of a bequest in a will because the person who died no longer owned the gifted property at the time of death.

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• Administration period
  The period between the date of death and the date of the close of administration.

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• Advancement, power of
  The power given to pay capital monies held in trust to or for the benefit of a beneficiary of the trust.

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• Appointment, power of
  A power given by will or deed to appoint a person or class of persons to inherit an interest.

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• Apportionment
  The division of income in proportionate shares between certain beneficiaries, calculated on a daily basis

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• Appropriation
  The transfer of an asset, instead of its sale proceeds, on account of a legacy or share of residue.

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• Attorney
  A person appointed by another to act in his place. See also Power of attorney.

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• Bequest
  See Legacy/bequest/devise.

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• Call
  A demand on the holder of partially paid shares to pay the balance.

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• Capital Taxes Office
  The division of the HMRC which deals with Inheritance Tax, Capital Transfer Tax and estate duty.

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• Chain of representation
  Legal process setting out who will take over the handling of someone’s estate if the executor dies before the administration of that estate is finished.

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• Chose in action
  The right to take legal action to recover a sum due, or an entitlement to an interest in an estate.

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• Clearance certificate / certificate of discharge
  A certificate issued by the Capital Taxes Office releasing a person liable to inheritance tax from paying further inheritance tax.

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• Estate
  The assets and liabilities – property, shares, cash, savings, investments and debts – of someone who has died.

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• Estate accounts
  A bank or building society account set up to deal with transactions relating to the administration of the estate, or other formal record of financial activity. Beneficiaries are entitled to apply to the court to see the estate accounts.

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• Estate in fee simple
  An absolute freehold interest.

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• Excepted estate
  An estate on which HMRC has no claim to, for example, Inheritance Tax.

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• Executor
  A person appointed by a will or codicil to wind up the estate. See also Administrator.

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• Exit charge
  A charge to Inheritance Tax which arises on distributions made out of a discretionary trust.

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• Gift
  A gratuitous transfer of money or assets.

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• Grant of probate
  A grant of representation issued by the Probate Registry authorising the executor of a will to deal with the administration of an estate.

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• Grant of representation
  A document issued by the Probate Registry giving someone the authority to deal with the estate of a person who has died. Where there is a will, the executors receive the grant, and where there is no will it is issued to the closest relatives. See also Letters of administration and Grant of probate.

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• IHT
  Inheritance tax

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• Legacy/bequest/devise
  A legacy is gift left in a will: a bequest is a gift of personal property, whereas a devise is a gift of real property (eg, a house).

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• Legal estate
  The estate capable of being transferred or conveyed at common law.

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• Nil rate band
  A figure set by HMRC indicating the point at which an estate becomes liable to Inheritance Tax.

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• Personal representative
  The executor or administrator.

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• Power of attorney
  Formal deed by which one person appoints another to act on his behalf or represent him. See also Attorney.

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• Power reserved
  The power reserved by a named executor who declines to act as such to do so at a later date.

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• Renouncing probate
  The act whereby a named executor signs a legal document which cancels his/her appointment from the start.

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• Residuary beneficiary
  The person entitled to the whole of the deceased's estate after the payment of all debts, funeral and testamentary expenses and legacies.

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• Specific legacy
  A particular part of a deceased's estate.

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• Testator/testate
  Dying leaving a will. See also Intestacy/intestate.

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