Wills, Trust and Probate

  • Absolute Interest

    The entitlement to the item of property which is not limited by any other person’s...

  • Administrator

    A person appointed by the Court to manage the estate of a deceased...

  • Ambulatory Will

    A will which can still be changed because the settlor is...

  • Assent

    A formal document which is required when transferring ownership to a person who is entitled to the property following the death of the...

  • Beneficiary

    A beneficiary is someone who stands to gain as a result of a bequest made in a will or who receives something from an...

  • Bequest

    A gift of Chattels or Assets by...

  • Codicil

    A codicil is an addition or amendment to an existing...

  • Common Law Partner

    A partner who you live with but to whom you are not...

  • Contingent Will

    A will which will only become effective if some condition is...

  • Declaration of Trust

    See...

  • Discretionary Trust

    This is a trust where the beneficiaries and/or their entitlements to the trust fund are not fixed, but are instead determined by the criteria set out in the trust instrument by the...

  • Estate

    The assets of a person at the time of their death, less any outstanding...

  • Executor

    An executor (or executrix in the case of a female) is the person (or people) who have been appointed in a will to deal with the testator's affairs after their...

  • Grant of Probate

    This is a legal document which allows the person or persons named in it to collect in and distribute the...

  • Grant of Representation

    A legal document which confirms that the executor has the authority to deal with a deceased person's...

  • Guardian

    A person appointed to safeguard,protect and manage the interests of a child or mentally disabled...

  • Inheritance Tax (IHT)

    This is a tax imposed on the privilege of receiving property by inheritance or legal...

  • Intestacy

    This refers to the situation where a person who has died has not made a valid...

  • Intestate

    A person who dies without a Will...

  • Joint Property (Land)

    Either held as joint tenants where on death the property passes automatically to the survivor/s irrespective of what the deceased's Will says or tenants in their own share through his/her Will...

  • Legacy

    See...

  • Letter of Administration

    This is the authority given by the Probate Registry to deal with the affairs of a deceased person who has not left a valid...

  • Life Tennant

    The person under either a will or under a trust who is entitled to the income (interest) form the Trust Fund...

  • Living Will

    This is a document setting out in advance what types of medical treatment the maker of the will does or does not wish to receive in specific circumstances should he or she be incapable of giving or refusing...

  • Mental Incapacity

    The state of being deemed not able to make...

  • Next of Kin

    This term is used to describe a person's closest living...

  • Nil Rate Band

    The amount of Inhertitance Tax for which you are not...

  • Oath for Administrator

    This is the paper that is sworn before A Commissioner for Oaths in order to obtain Letters of Administration to the estate of a person dying Intestate (without a Will) ...

  • Oath for Executors

    This is the formal Court paper to apply to the Court for a Grant of Representation where there is a will ...

  • Power of Attorney

    This is a deed which gives power to a person to act on someone else's behalf in a legal or business...

  • Probate

    This is the official verification of a will by the Probate...

  • Probatea

    Grant of Probate is to enable an Executor to prove his/her right to deal with the testate's i.e. deceased's assets, which pass under the Will and/or Codicil. The Grant of Probate is issued by the Court (Probate Registry). The Court checks the Will. Not all...

  • Remainderman

    A person who will ultimately receive the Capital from a Trust fund after the death of the life tenant...

  • Residual Beneficiary

    The Beneficiary of the Residual...

  • Residuary Estate

    The remainder of the estate after payment of all debts, legacies, taxes and...

  • Reversionary Interes

    A person will be entitled to an interest under a trust when the person who receives the income from the Trust fund ceases to be entitled to the income e.g. dies...

  • Revoke

    Cancellation of a...

  • Settlement

    See...

  • Settlor

    The creator of a...

  • Testator

    The testator (or testatrix in the case of a female) refers to the person who makes a...

  • Trust

    These are either created during a person's lifetime or through his/her Will. The person making the gift permanently gives away the asset, which is held by Trustees (usually two) for the benefit ofBeneficiaries e.g. children under 18....

  • Trust Instrument

    Legal document which creates a...

  • Trustee

    A person who holds or administers property in a trust for someone...

  • Vested Interest

    A right to immediate or future...

  • Will

    A disposition or declaration through which someone provides for the distribution of their estate upon their...

  • Witness

    The people who witnessed a will being signed by the...
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