As a follow on to my blog about steps that are commonly taken following the death of a relative or friend, the following glossary may be of assistance.
Administrator: A type of Personal Representative - see below
Beneficiary: A person entitled to some type of benefit from a trust or from the estate of somebody who has died.
Executors: A type of Personal Representative - see below
Grant of Representation: A legal document that is issued by the Court that authorises the Personal Representatives to deal with estate assets. Grant of Probate and Grant of Letters of Administration are two common types of grant of representation.
Inheritance Tax: A tax levied on a deceased person's estate at a rate of 40% over the nil-rate band. In some circumstances it is payable during your lifetime at the lifetime rate of 20%.
Intestate: A person who has died without leaving a valid will.
Intestacy rules: The statutory rules that govern the distribution of an estate were there is no valid will.
Nil-rate band: Everybody has an allowance at which Inheritance Tax is chargeable at the rate of nil. The nil-rate band changes every year in April and for the tax year 2008/09 it is £312,000.
Personal Representatives: The people authorised to administer a deceased person's estate. They are the Executors, of there is a will, or the Administrators if there is no will.
Probate: A type of Grant of Representation; see above.
Revocation: The cancellation of a legal document, such as a will.
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