Dealing with the death of a family member or friend can be very emotional and upsetting. 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.
Sometimes known as Life Interest Trusts. This type of trust is commonly used to ensure a spouse has a home and income for life whilst ensuring the underlying capital is preserved for the children.
All income must be paid to the beneficiary and they normally have no right to the capital. This type of beneficiary is called the Life Tenant.
Where a person dies without making a Will.
A document appointing someone of your choice (the Attorney) to deal with your financial affairs or healthcare decisions when you are no longer capable of doing so.
Someone entitled to a fixed gift (specific amount of money or item of property) under the terms of a Will.
The document issued by the Probate Registry giving formal approval for representatives to deal with someone’s estate when they die with no Will.
A trust which is not set up under your Will.
There can be inheritance tax consequences to setting up such trusts in your lifetime.
A Personal Injury Trust is a vital for anyone who has received a compensation payment as a result of successful personal injury claim. Personal Injury compensation payments benefit from a ’52-week disregard’ which allows payments into the trust (within 52 weeks of receiving them) to be disregarded for means-tested benefits and care fees assessments.
These trusts can be absolute (for one named beneficiary) or discretionary (for a potential class of beneficiaries) and should be set up before the compensation award is made.
A way of giving permission to someone to act on your behalf either for a specific matter or in relation to your affairs generally. Actions taken by your attorney will be legally binding and you should therefore take legal advice before setting this up.
Confirmation from the court that the Executors have authority to deal with the deceased’s estate. In practice it is the term used to cover dealing with the administration of the estate generally.
The Court which deals with applications for Grant of Probate and Letters of Administration. Applicants who are not represented by a solicitor may well need to attend an interview at the court before a grant can be made.