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.
Someone who is entitled to a share of whatever is left in the estate after payment of debts and other specific gifts.
This was previously known as an Oath for Executors or Oath for Administrators. A Statement of Truth is a legal document drawn up by a solicitor which confirms the identity of the deceased person’s executors or administrators and is an essential part of the Probate Application.
A signed statement attached to a document, signed by an individual, which confirms the truth of the document it is attached to.
The person(s) appointed in a Will to take care of the deceased’s children while they are under age.
The person who makes a will.
Currently, Inheritance Tax (IHT) is payable at 0% on the first £325,000 (this is called the nil rate band) and the remainder above £325,000 at 40%. The nil rate band is currently frozen until 2020. Any gifts between UK domiciled spouses are exempt from IHT. Since 2007 any unused Inheritance Tax nil rate band can be transferred from a late spouse’s estate to the surviving spouse’s estate when they die. This can give the surviving spouse’s estate a combined nil rate band of up to £650,000 in 2015/16, depending on the circumstances.
A formal legal situation where property or other assets are held by one or more people for the benefit of another.
The people appointed in a Will to oversee the money held on trust for children or other beneficiaries until they are old enough to receive it (often the same people as the Executors).
The legal document in which a person sets out how they wish to leave their Estate (assets such as house and bank accounts) when they die and/or appoints guardians for their children.
A trust, charitable, disabled, life interest or discretionary which is set up under your Will.