the person responsible for looking after the affairs of someone who has died without making a Will.
Administrator
1 of 29
anything a person owns of value including property and land, investments or money.
Asset
2 of 29
a person who benefits on the death of another either under a Will or on Intestacy
Beneficiary
3 of 29
a document lodged at the Probate Registry to prevent a Grant of Probate or Grant of Letters of Administration being issued.
Caveat
4 of 29
personal belongings eg furniture, jewellery etc.
Chattels
5 of 29
a legal document drawn up to make minor changes to a Will.
Codicil
6 of 29
a legal document drawn up to alter or amend a Will after the Testator's death.
Deed of Variation
7 of 29
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.
Discretionary Trust
8 of 29
a term used to describe a persons assets and property.
Estate
9 of 29
a person named in a Will to administer the deceased's estate and distribute the estate in accordance with the terms of the Will.
Executor
10 of 29
a document issued to a deceased's administrator to authorise the administrator to deal with the estate.
Grant of Letters of Administration
11 of 29
a document issued to the executors of a Will which will allow them to administer and distribute the estate in accordance with the terms of the Will.
Grant of Probate
12 of 29
a person or persons appointed by the deceased to make decisions about the deceased's children until they reach 18 years of age.
Guardian
13 of 29
a tax on the total value of a deceased's estate, sometimes known as death duty or IHT.
Inheritance Tax
14 of 29
a phrase to describe someone who has died without making a valid Will and the subsequent administration of that persons estate.
Intestate/Intestacy
15 of 29
a gift given by someone after death through a Will.
Legacy
16 of 29
a gift of property or the income from money to a person or persons for their lifetime.
Life Interest
17 of 29
the amount of money or value of an estate before inheritance tax becomes payable.
Nil-Rate-Band
18 of 29
a deceased's Executor(s) or Administrator(s).
Personal Representative (PR)
19 of 29
a division of the High Court responsible for issuing Grants of Probate and Grants of Letters of Administration and settling disputes relating to estates.
Probate Registry
20 of 29
the gift of the deceased's residue to the residuary beneficiary.
Residuary Gift
21 of 29
what is left of a persons estate after specific gifts, legacies and debts have all been paid.
Residue
22 of 29
the gift of a particular item, sum of money or other asset to a beneficiary.
Specific Gift
23 of 29
a phrase used to describe someone who has died having made a valid Will.
Testate
24 of 29
a person who has made a Will.
Testator/Testatrix
25 of 29
where assets are held or looked after by Trustees for the benefit of one or more persons.
Trust
26 of 29
a person or persons who look after and manage the Trust and the Trust assets until such time as the Trust is brought to an end.
Trustee
27 of 29
a written document outlining a persons last wishes to include the appointment of Executors, Guardians and the gift of money or assets to one or more beneficiaries.
Will
28 of 29
one of two persons who together watch the Testator sign his Will and then sign in his presence to validate the Will.
Witness
29 of 29
Other cards in this set
Card 2
Front
anything a person owns of value including property and land, investments or money.
Back
Asset
Card 3
Front
a person who benefits on the death of another either under a Will or on Intestacy
Back
Card 4
Front
a document lodged at the Probate Registry to prevent a Grant of Probate or Grant of Letters of Administration being issued.
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