Glossary of Terms

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b

  • Beneficiary - A person who inherits or gains from the Will. Beneficiaries cannot be witnesses of the Will but can be Executors

e

  • Estate - A person’s total possessions i.e. property, jewellery, clothing, cars, savings etc.
  • Executor - A person appointed to carry out the instructions detailed in the Will

h

  • Heir - A person who inherits or is entitled by law or by the terms of a Will to inherit the estate of another

i

  • Inheritance - Property that a Beneficiary receives from the estate of a deceased person
  • Inheritance Tax - A tax imposed on the privilege of receiving property by inheritance or legal succession and assessed on the value of the property received

l

  • Legacies - Gifts of personal property or money to a beneficiary (legatee) of a Will.

p

  • Probate - The act of proving that a document claiming to be a Will was signed and executed within the legal requirements

t

  • Trust - A Trust is a legal device which separates ownership of an asset from the right to use the asset or to receive its income

w

  • Will - A legal document declaring a person’s wishes regarding the disposal of their property when they die