Probate: 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 are 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 due to the fact that they live abroad or work commitments and alike.
- 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 organization which holds or manages and invests assets for the benefit of another
