Glossary of Probate Terms
Whether you are undertaking probate yourself or seeking a specialist to do so on your behalf it’s important to understand the legal terms that are used throughout the often complicated process. It’s also particularly useful if you are taking out a prepaid probate plan so that you understand everything that is and isn’t included in your plan.
Person appointed when there is no Will and no Executor named.
All belongings of the deceased including property, personal items, savings, investments etc
- Assets passing by survivorship
Jointly held assets that automatically pass to the survivor rather than through the Will.
- Beneficiary / Beneficiaries
Person/s in receipt of assets and/or money in the deceased’s Will.
A legal document that amends rather than replaces a Will. It must conform to the same legal requirements as a Will.
- Deed of Variation
A document that allows beneficiaries to change the terms of a Will even after the Will holder’s death.
Payment made to a third party.
All of someone’s belongings including property, personal belongings, money, shares etc.
The person appointed in a Will to administer the estate.
- Estate Administration
The process of distributing a person’s assets according to their Will.
- Executors Oath
A written statement sworn by Executors or Administrators which accompanies the application for Grant of Representation.
- Grant of Probate
The legal process of administering a deceased person’s estate.
- Grant of Representation
Issued by the Court it allows the named person to deal with the estate of the deceased person.
Person appointed to look after minor children Under 18 in England, Wales and Northern Ireland and under 16 in Scotland.
- Inheritance Tax (IHT)
Tax payable on an estate over the threshold.
Dying without a Will.
Specific gifts left in a Will, excluding property
- Letters of Administration
If someone dies Intestate a family member can apply to the probate court for a grant of administration. This gives them the same responsibility as an Executor.
That the Will has been recognised and the Executors can act on the estate.
The balance of the estate after expenses, debts and taxes are paid.
The person that has made the Will.
A legal document setting out the wishes of a person. How they wish their estate to be distributed on their death.