Wills and Admin Glossary of Terms

Administrator- the person responsible for looking after the affairs of someone who has died without making a Will.

Asset- anything a person owns of value including property and land, investments or money.

Beneficiary- a person who benefits on the death of another either under a Will or on Intestacy (see below).

Caveat- a document lodged at the Probate Registry to prevent a Grant of Probate or Grant of Letters of Administration being issued.

Chattels- personal belongings eg furniture, jewellery etc.Codicil- a legal document drawn up to make minor changes to a Will.

Deed of Variation- a legal document drawn up to alter or amend a Will after the Testator's death.

Discretionary Trust- a Trust in which money or property is held on behalf of one or more of those beneficiaries to be paid out to one or more or those beneficiaries at the discretion of the Trustees.

Estate- a term used to describe a persons assets and property.

Executor- a person named in a Will to administer the deceased's estate and distribute the estate in accordance with the terms of the Will.

Grant of Letters of Administration- a document issued to a deceased's administrator to authorise the administrator to deal with the estate.

Grant of Probate…