Elderly Client Services - Legal Jargon
Dealing with the practicalities of getting older can be stressful and worrying. We do not want the legal process and the wording we use to make the situation worse so we strive to keep legal jargon to a minimum. We appreciate you will come across terms you may not understand so we have tried to explain these as clearly as possible in the definitions below, so that you fully understand the process you are going through.
If you need further explanation then please do contact us.
Administrator
The person (often a relative) approved by the Probate Registry to deal with the estate of someone who has died without making a Will.
Assets
Items of monetary value which can include land, buildings, bank accounts and investments as well as personal items like furniture and jewellery.
Beneficiary
The person or organisation (for example a charity) who will receive money or property under the terms of a Will.
Court of Protection
The Court responsible for protecting and overseeing the interests of people who are unable to do so for themselves and who have not made a Lasting Power of Attorney.
Creditor
A person or company owed money by the person who has died and which must be paid from the Estate.
Deputy
The person formally approved 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.
Estate
The assets and liabilities of someone who has died. 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.
Executor
The person or persons appointed in a Will to deal with the administration of the estate. This could involve dealing with the deceased’s bank account, selling properties and distributing money to beneficiaries.
Grant of Probate
The document issued by the Probate Registry which gives formal authority for the Executors to act in dealing with an estate when someone dies.
Inheritance Tax (IHT)
The tax due when the value of an Estate exceeds a particular limit set by the Government.