Legal Jargon

The tax, currently charged at 40%, that is due when the value of an estate exceeds the threshold for tax free inheritance set by the government. Estates passing between spouses are not subject to IHT.

The document issued by the Probate Registry that gives formal authority for the executors to act in dealing with an estate when someone dies. It gives them the authority to access bank accounts, settle debts, sell assets and distribute the deceased’s estate to their beneficiaries in accordance with the will.

The person or persons appointed in a will to deal with the administration of a deceased person’s estate. This could involve dealing with the deceased’s bank account, selling properties and distributing money to the beneficiaries named in the will.

The assets and liabilities of someone who has died. This includes any property, savings and investments and belongings and any outstanding debts. It is the responsibility of executors or administrators to ensure that the debts are paid from the estate and that beneficiaries receive the amounts due to them.

A person formally appointed by the Court of Protection to look after the affairs of a person who can no longer do so themselves, where they have not made a Lasting Power of Attorney.

A person or organisation that is owed money for a loan or provision of a good or service by a person or organisation. When a person dies, debts to creditors must be paid out of the estate before any inheritance can be disbursed.

The Court of Protection is responsible for protecting and overseeing the interests of people who are unable to do so for themselves owing to illness or lack of capacity and who have not made a Lasting Power of Attorney.

The person or organisation (for example a charity) that will receive money or property under the terms of a will.

Items of value. These can include land, buildings, money held in bank accounts and investments, as well as personal items such as vehicles, furniture, art and jewellery.

The person (often a relative) approved by the Probate Registry to deal with the estate of someone who has died without making a will.
The term can also mean an Insolvency Practitioner responsible for running a company that has entered Administration.