What is probate

Probate Terms Explained

Throughout the site there are various terms used, the guide below explains what they are and mean :-

Administrator
– typically the person dealing with the deceased’s affairs when there is no will
Bequest
– the term given to the making of a gift in a will
Codicil
– a legal document which seeks to amend or alter a will. A codicil must be correctly executed in the same
Estate
– the term given to all the assets of a deceased person
Executor
– person(s) appointed in a will to administer an estate
Inheritance tax
– tax payable to the Inland revenue when the estate is over the current inheritance threshold ( currently £325,000 )
Intestate
– when someone dies without leaving a will
Issue
– the children or descendants of a person
Legacy
– a gift in a will
Grant of letters of administration
– legal document issued by the probate registry when there is no will
Life interest
– entitlement to receive income or a benefit under a will or an intestacy
Nil Rate band
– the value of an estate on which inheritance tax is not payable
Proving the will
– the process of making the application to the probate registry
Probate Registry
– the court responsible for the issue of grants of probate and the administration of all probate matters
Testator
– the person who makes a will