Intestate ~
A person who dies without making a Will.
Inheritance Tax~ The amount of tax that may have to be paid out
of the estate of the deceased after all allowances and
exemptions have been taken into account.
Administrator ~
Someone who administers the estate for the' Intestate'
(equivalent to an executor in Probate).
Probate
Testator ~
Someone who makes a Will.
Will ~ A document
that states what you would like to happens to your estate
when you die. The Will should also appoint an Executor(s)
and this document must be signed, dated and witnessed
to be valid.
Proving of a Will
~ The application to the Probate registrar for Probate.
Probate ~ The
proving of the Will. This takes the form of a document
issued by the Probate registry, that provides authorisation
to administer the estate of the estate of the deceased.
Probate registry
~ The government office that deals with Probate matters.
There is a central office in London and local offices.
See details on this website.
Executor ~
Someone who has been appointed in a Will to administer
an estate. (equivalent to an Administrator under intestacy).
General
Estate ~ The
total value of the deceased's assets.
Executor ~
Someone who has been appointed in a Will to administer
an estate. Common Law Wife - although a widely accepted
expression this is not recognised in legal terms.
Child ~ Within
the context of a Will or for intestacy must be under 18
and be a direct child (or adopted child) of the deceased.
Illegitimate children are also included but step children
are not included unless specifically mentioned in a Will.
Next of kin ~
A person who is entitled to a share in the estate of the
deceased when they die.
Co-habitee ~
A partner of the deceased who may who be entitled to claim
a share in the deceased's estate.
Inheritance tax
~ IHT the tax that is payable on the part of an estate
that exceeds a minimum threshold (nil rate band) after
various adjustments and exemptions.
Spreadsheet ~
An automated worksheet(s) used for processing calculations
. e.g accounting and related subjects.
Stock valuation
~ Stocks and Shares held by the deceased need to be
valued as of the nearest business day to the death of
the deceased. The valuation is determined according to
a formula provided by the Inland Revenue.
Legacy ~ A
gift of money defined in a Will. Similar to bequests also
defined in a Will.
