Probate Jargon Buster

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Jargon Buster

Administrator

This is the term given to a personal representative if they are not appointed under a will.

Affidavit

This is a declaration made in writing which is sworn as oath in front of someone who is authorised to administer oaths.

Assets

This is the value of an estate.

Beneficiary

This is a person who benefits under a will.

Bequest

This is a gift of a particular object or cash.

Chattels

These are personal belongings, such as jewellery, which belong to a person.

Codicil

A document used to alter a will.

Estate

This is the total value of assets and property belonging to a person.

Executor

This is the term used for a personal representative is appointed by a will.

Grant of Probate

This is a document issued by the Probate Registry to the personal representatives of a will to allow them to administer the estate.

Guardian

This is an individual who would become responsible for your children in the event of your death until your children reach 18 years old.

Inheritance Tax

This is tax that becomes payable when the total estate value exceeds a set threshold. It is also payable on lifetime gifts made before death.

Intestate

This is an individual who has died without making a will.

Legacy

This is a gift of money or an item.

Letters of Administration

This is a document issued by the Probate Registry to the personal representative to administer the estate of an intestate person.

Life Interest

This is a gift that gives an individual the right to income from an asset or occupation of a property for the duration of their life.

Next of kin

This is a person entitled to the estate when an individual dies intestate.

Personal Representative

This is a general term used for both administrators and executors.

Probate Registry

This is an organisation that deals solely with probate matters.

Residue

This is what is left of the estate after all debts and wishes of the will have been followed.

Will

This is a legal document whereby an individual states their wishes for their estate when they die.