A person appointed when either no Will can be found or there is no executor to carry out the intentions of the Will

Granted by the Probate Registry to administrators (usually the next of kin) where there is no Will, to give them the authority they need to act and to administer/distribute the estate.

There are allowances for Income Tax, Capital Gains Tax and Inheritance Tax and these are reviewed annually by the Government.

A person appointed by you to deal with your affairs in your lifetime.

Someone who receives a gift under a Will, a trust or inherits under the intestacy laws.

A gift on which Inheritance Tax may be payable.

A change or addition made to an existing Will.

Abbreviation for Capital Gains Tax.

The Court that has power to make decisions in relation to the property and affairs and healthcare and personal welfare of adults (and children in a few cases) who lack capacity.

A document that declares how and for whom assets are held.

Is the new name for Receivership and means the appointment by the Court of a person where someone is unable to manage their affairs themselves.

A trust where the Trustees decide at their discretion who benefits from a trust and to what extent and when.

Country in which a person is deemed to have his permanent home

The old style power of attorney prior to 1st October 2007

Has two meanings in contract law. The first is where a party refuses to comply with a contract and this amounts to a breach of contract. The second is where a contract was made by a minor (person under the age of 18) who then repudiates it at or shortly after the age of 18. Then the repudiation voids the contract rather than causing a breach of contract.

Abbreviation for Enduring Power of Attorney.

An arrangement to release cash from the value of your home by way of lump sum, income or both.

The person or persons appointed to administer the estate and to make sure the wishes expressed in a Will are carried out.

Someone appointed to look after the interests of a child under the age of 18.

A form of Equity Release to provide you with an income

Abbreviation for Inheritance Tax

Tax payable on the value of a person’s estate at the date of death and in some cases on gifts made during lifetime and in relation to some ongoing trusts.

If you die without having made a valid will, the Law declares you to be intestate and decides how your possessions should be shared out. Intestacy is the name for this situation.

Children, grandchildren and remoter descendants

Where two or more persons may be liable or may be able to act jointly or individually

Two or more persons own land together each of whose interest passes on death automatically to the other not under their wills.

Where Beneficiary dies before the Testator so gift fails – it lapses

A specific item or property or sum of money left in a Will.

Legal document that you (the Donor) make using a special form. It allows you to choose someone that you trust to make decisions on your behalf about things such as your property and affairs or personal welfare at a time in the future when you no longer wish to make those decisions or you may lack the mental capacity to make those decisions yourself.

Abbreviation for a Lasting Power of Attorney

A pair of Wills in which the terms are almost identical. Many husbands/wives/partners have mirror wills where they have decided on the same beneficiaries

Person under 18 years

Amount of inheritance tax threshold

An organisation that was established in October 2007 and that supports the Public Guardian in registering Enduring Powers of Attorney(EPA), Lasting Powers of Attorney (LPA) and supervising the Court of Protection

Abbreviation for the Office of the Public Guardian

A gift of money under a Will

Personal effects and belongings

A general term meaning either an Executor or an Administrator.

A gift made during a person’s lifetime that is exempt from Inheritance Tax if that person lives for seven years after making the gift.

Deed by which one person appoints another to act on his behalf

Proportionately

Land and anything fixed to it e.g. a building; also called real property

Is the old name for Deputyship and means the appointment by the Court of a person where someone is unable to manage their financial affairs themselves.

Where an asset has been given away but where the donor stills retains some benefit then this is called a Reservation of Benefit and can have significant tax implications.

Person entitled to the Deceased’s estate after payment of all debts funeral and testamentary expenses

What is left of the estate after the payment of all debts, taxes, administration expenses, legacies, and bequests under the Will.

Husband or wife

Two or more persons who own land in shares which pass under the terms of their wills or intestacy.

To die leaving a valid Will.

The person (male/female) who makes the Will.

An arrangement by which property is held by trustees to be applied for the benefit of other people known as beneficiaries (and who might include one or more of the Trustees).

The person who holds property on behalf of another person or persons (of whom they may be one) and is responsible for administering the trust assets.

An arrangement whereby certain provisions under a Will may be varied by consent of the beneficiaries after the death of the Testator. Also known as a Deed of Family Arrangement.

A document satisfying the legal requirements for its execution directing who should administer and who should benefit from a person’s estate.