Elderly and Vulnerable Client Services

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. A will may also appoint named guardians for the deceased’s children.

The people or entities appointed to oversee the management of property or other assets on behalf of beneficiaries, who might be private individuals, a charity or another type of organisation. In the context of estate administration following a death, trustees will be the people named in a will to manage the money held in trust for the beneficiaries. The trustees are the legal owners of the assets held in a trust and their role is to deal with the assets according to the deceased’s wishes, as set out in the trust deed or their will.

A formal legal structure where property or other assets are held by one or more people for the benefit of another.

The person who has made a will.

Someone who is entitled to a share of whatever is left in the estate after payment of debts and other specific gifts.

The Court that deals with applications for Grant of Probate and Letters of Administration.

A way of giving permission to someone, either temporarily or for the rest of your life, to make decisions and act on your behalf in relation to your personal affairs, usually relating to financial and/or health and welfare matters. Actions taken by your attorney are legally binding and you should therefore take legal advice before granting power of attorney.

Someone entitled to a fixed gift – a specific amount of money or item(s) of property under the terms of a will.

If a person dies without making a will their estate is distributed in accordance with the Intestacy Rules. Intestacy is administratively burdensome and can lead to significant delays and expense in the settlement of a person’s estate. It may also mean that a person’s estate is not settled in the way that they might have wanted and should, therefore, be avoided if at all possible.

A document appointing a person of your choice (the attorney) to deal with either your property and financial affairs or your health and welfare decisions when you are no longer capable of doing so, or at a time when you give permission for your attorneys to act.

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 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.

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.

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.

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.

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.

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.