Useful Tips

Beneficiary – Any person or entity who is entitled to benefit from the Trust or Will, often set up for minor-aged children or people with a mental disability.   

Care – Where a person can no longer carry out normal daily life activities, they can receive support in their own home with day-to-day activities, nursing or live-in care. Others may prefer to move to an assisted living home or, alternatively, a care home if they need 24-hour support. 

Business Relief – Business Relief reduces the value of a business or its assets when working out how much Inheritance Tax has to be paid.

Common-Law – Two people living together without legally being married, but who are in a marriage-like relationship maybe be referred to as living as common law spouses. 

Court – A place for the administration of justice.  

Descendant – A relation who outlives you, typically your offspring.

Estate – The collective sum of an individual's net worth, including all property, possessions, and other assets. 

Estate Administrator – The person responsible for the handling of a deceased persons Estate.

Executor – An Executor is appointed to carry out your wishes, as stated in the Will.

Guardian – This is the person, or persons, appointed by you to act in loco parentis to your dependent children after your passing. 

Inheritance Tax – Inheritance tax is payable on the Estate of a deceased person. There is a small number of situations in which no tax is payable.  

Intestacy – Intestacy is the word to describe the situation arising from a person dying without leaving a Will. 

Lasting Power of Attorney – This is a legal document in which you can nominate a relative or trusted friend to look after your financial affairs, or make medical decisions on your behalf, should you no longer have the capacity to do so. 

(Grant of) Letters of Administration - Letters of Administration is a legal document, which confirms the Administrator's authority to deal with the deceased person's assets.

Minor-aged children – Children who are under the age of 18 years (or under 16 for Scotland).

Next of Kin – The next of kin refers to your nearest blood relative.

Power of Attorney - Power of Attorney is the process by which the Testator appoints someone to act on their behalf to deal with third parties, such as banks and local councils.

Probate – Probate is the process of dealing with the Estate of a deceased person, such as clearing their debts and distributing their assets in accordance with their will.

Put and call options – Put and call options relate to whether a trader expects the price of shares to rise or fall within a specific time frame.

Shareholder Trust - A shareholder Trust is a Trust which holds shares in a corporation. It also could relate to a Trust holding an interest in a limited liability company or partnership.

Tenants in Common – An arrangement where two or more people share ownership rights in a property. When a tenant in common dies, their property share passes to the tenant's Estate. 

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