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Glossary

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Glossary

Administrator:

A person appointed to deal with the estate of a person who has either  died intestate or without naming a valid executor.

 

Assets:                        

These represent everything that a person owns. This can include property, land, shares and cash.

 

Attestation clause

This is the statement in a Will before the signatures verifying that both the Testator and witnesses are present at the signing.

 

Beneficiary:              

Any person who benefits from a Will.

 

Deceased:

A dead person

 

 Estate:                    

The total property of a deceased person.

 

Executor:               

The person named in a Will to administer the estate.

 

Inheritance Tax:

The tax payable on the estate of a deceased person should the assets be above a nil - band

threshold. 

 

Intestate:                

A person who dies without having made a Will.

 

Probate:                 

The process of officially proving the validity of a Will.

 

Revoke:                  

The legal term for cancelling a Will.

 

Testator:                 

The person who makes the Will.

 

Trust:                      

 A legal arrangement where a person (the Trustee) holds an asset for the benefit of one legally to it.

 

Trustee:

A person nominated to deal with a Trust.

 

 
 

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