Dictionary

We hope the following terms help in understanding some of the technical language used, however we are always here to answer any of your questions so please do not hesitate in contacting us.

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• Absolute interest
  An interest that the beneficiary is completely entitled to immediately, without any restrictions. Hide this answer
• Abatement
  A reduction of the amount of legacies or debts or claims where an estate is insufficient to pay all in full. This is normally made pro rata.

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• Accumulation
  The retaining and re-investment of interest. Hide this answer
• Acquisition / probate value
  The value at which either the personal representatives or the beneficiary acquires the assets.
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• Adeem / ademption
  Either the complete or partial extinction of a specific bequest as a result of the deceased having gifted, sold or otherwise disposed of it during his lifetime, other than by revocation. Hide this answer
• Administration period
  The period between the date of death and the date of the close of administration. Hide this answer
• Administrator
  The legal representatives of a deceased person who has died without a will. They are usually the closest relatives of the deceased. Hide this answer
• Advancement, power of
  The power given to pay capital monies held in trust to or for the benefit of a beneficiary of the trust. Hide this answer
• Affidavit / oath
  Written statement by a person called 'the Deponent', who signs it and swears or affirms to the truth of its contents. Hide this answer
• Agreed value
  The probate value as formally agreed by the Capital Taxes Office where inheritance tax is payable. Hide this answer
• Appointment, power of
  A power given by will or deed to appoint a person or class of persons to inherit an interest. Hide this answer
• Apportionment
  The division of income in proportionate shares between certain beneficiaries, calculated on a daily basis Hide this answer
• Appropriation
  The transfer of an asset, instead of its sale proceeds, on account of a legacy or share of residue. Hide this answer
• Attorney
  A person appointed by another to act in his place. Hide this answer
• Bequest
  A gift of chattels / assets in the will. Hide this answer
• Call
  Demand upon the holder of partially paid shares to pay the balance. Hide this answer
• Capital Taxes Office
  The division of the Inland Revenue which deals with all aspects of inheritance tax, capital transfer tax and estate duty. Hide this answer
• Chose in action
  Right of action to recover a sum due, or an entitlement to an interest in an estate. Hide this answer
• Chain of representation
  The legal system by which the executor of a sole or last surviving executor becomes the executor of that testator. Hide this answer
• 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. Hide this answer
• Estate
  All the assets and liabilities of a deceased person – such as property, shares, cash, savings and investments as well as outstanding debts. Hide this answer
• Estate accounts
  Accounts recording the financial transactions during the administration period. Hide this answer
• Estate in fee simple
  An absolute freehold interest. Hide this answer
• Excepted estate
  An estate where no Inland Revenue account is necessary if certain criteria are fulfilled. Hide this answer
• Executor
  A person appointed by a will or codicil to wind up the estate. Hide this answer
• Exit charge
  A charge to inheritance tax which arises on distributions made out of a discretionary trust. Hide this answer
• Gift
  A gratuitous transfer of money or assets. Hide this answer
• Grant of representation
  This is obtained from the Probate Registry following a death. The Grant will be made to the executors where there is a will and to the closest relatives where there is no will. This document is called a Grant of Probate where there is a will and a Grant of Letters of Administration where there is no will. A deceased person's estate can be dealt with once the Grant of Representation has been obtained. Hide this answer
• IHT
  Inheritance tax Hide this answer
• Instrument of variation
  A document whereby the will or intestacy provisions of a deceased person can be varied. Hide this answer
• Intestacy
  The situation where a person dies without making a will fully disposing of all his assets. The administration of ‘intestate’ estate is governed by the Administration of Estates Act 1925. Hide this answer
• Legacy / bequest / devise
  A gift of chattels / assets by will. Hide this answer
• Legal estate
  The estate capable of being transferred or conveyed at common law. Hide this answer
• Letters of administration
  This is obtained from the Probate Registry following a death. The Grant will be made to the executors where there is a will and to the closest relatives where there is no will. This document is called a Grant of Letters of Administration where there is no will. Hide this answer
• Nil rate band
  The amount of the value of assets which a deceased person can leave to friends or family without having to pay any Inheritance Tax. Hide this answer
• Personal chattels
  Essentially personal effects. Does not include any chattels used at death for business purposes and any money or securities for money. Hide this answer
• Personal representative
  An executor or administrator. Hide this answer
• Power of attorney
  Formal deed by which one person appoints another to act on his behalf or represent him. Hide this answer
• Power reserved
  The power reserved by a named executor who declines to act as such to do so at a later date. Hide this answer
• Probate
  This is obtained from the Probate Registry following a death. The Grant will be made to the executors where there is a will (Grant of Probate) and to the closest relatives where there is no will. Hide this answer
• Renouncing probate
  The act whereby a named executor signs a legal document which cancels his/her appointment from the start. Hide this answer
• 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. Hide this answer
• Residuary estate / residue
  What remains of the estate after payment of all debts, legacies and all taxes and expenses. Hide this answer
• Specific legacy
  A particular part of a deceased's estate. Hide this answer
• Testate
  Dying leaving a will. Hide this answer
• Testator
  Deceased who left a will. Hide this answer
• Trustee
  Person who is holding assets on trust. Hide this answer
• Vested interest
  Right to immediate or future entitlement. Hide this answer

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