Eirian J Williams Solicitors ~ Lawyer in West Wales ~ Estate Solicitor

Estate Terms

1. WILL: This is a document by which a person directs his or her estate to be distributed upon death.

2. ADMINISTRATION OF ESTATE: This is the management and distribution of a person’s estate at death.

3. GRANT OF PROBATE: Once a Will has been proven by the Probate Registry a Grant of Probate is issued.

4. INTESTATE: The Intestate Rules apply if a person dies without a Will.

5. LETTERS OF ADMINISTRATION: A formal document issued by the Probate Registry to appoint the Administrator of an estate (usually where a person dies without leaving a Will).

6. TESTATOR/TESTATRIX: A Testator is a person who dies leaving a Will. A Testatrix is a female person who dies leaving a Will.

7. EXECUTOR: is the nominated person over 18 and of sound mind appointed by the testator to carry out the provisions of the testators Will.

8. TRUSTEE: is a person having ownership or legal title of property or assets and who holds it in trust for the benefit of another person.

9. INHERITANCE TAX: Is a Tax on a deceased’s estate. The current threshold (2010) is £325,000.00 for an individual and attracts a tax of 40% above that sum. For married couples the allowances can be doubled to £650,000.00 upon certain conditions.

10. VALUATION: On death a person’s estate includes real property and personal property. A valuation is the process of ascertaining the value or financial worth of the property, chattels or entity.

11. ESTATE ACCOUNTS: Are issued on the conclusion of the deceased administration and will summarise all assets and liabilities and costs and disbursements.

12. BENEFICIARY: Is a person who benefits from the estate.

13. LEGACY: Is usually a gift of money by Will

Lawyer Wales ~ Farm Solicitor ~ Land Purchases Wales ~ Solicitor Wales