Useful definitions

Common terms used in Probate and their meanings

Beneficiary

The person receiving the funds, property or other benefit

Estate/Assets

This means anything and everything that you own.

Executor

Person who you elect to be responsible to deal with your affairs when you die. Usually two have to be appointed where there are children, but you can have up to four. If there is more than one, then they could elect to have their powers reserved. This means that the person elects not to act as an Executor at the present date oftern due to practical reasons such asĀ  they live far away or abroad or work commitments.

Grant of Probate

A legal document authorising a person to deal with the estate (the money, property and possessions) of a person who has died. This document is applied for by a person appointed in the Will.

In trust

Sometimes when you have taken out a policy, the policy may not be for your benefit and would have been written in trust for someone else such as your children. To be sure, check your policy summary

Legacy

Money or property given as a gift to another by Will

Letters of Administration

A legal document authorising a person to deal with the estate (the money, property and possessions) of a person who has died. This document is applied for by a person authorised to do so where there is no Will.

Pecuniary legacies

To put it simply, this is a gift of money.

Residuary Beneficiaries

The person(s) that will receive the remainder of your Estate once your debts, taxes and pecuniary/specific legacies have been paid and distributed

Residuary Estate

Assets remaining when debts, taxes, legacies and bills have been paid.

Specific gifts

This is a gift of a specific item or items or specific piece of land which you may own.

Trustee

An individual or organisation which holds or manages and invests assets for the benefit of another