Glossary

To help you through the process, our experienced team have put together a glossary to help explain common phrases, words and legal jargon relating to wills and estate planning.

A, B, C, D, E, F, G, H, I, J, K, L, M, N, O, P, Q, R, S, T, U, V, W, X, Y, Z

A

Assets

Assets refer to everything an individual owns or has a financial interest in. These assets form the basis of an estate and are crucial for determining how they’ll be managed during someone’s lifetime (in the case of LPAs) and distributed upon their death (in the context of wills and estate planning).

B

Beneficiaries

The people or organisations who will be left something in your Will.

Bequest

A gift of money or item(s) of your property which you leave to someone in your Will.

C

Capacity assessment

A capacity assessment determines if an individual has the mental capacity to make a specific decision at a particular time. This is based on the Mental Capacity Act 2005 (MCA), which applies to England and Wales.

Code of Practice

In the UK, a Code of Practice (or Code of Conduct) is a set of written guidelines that advises on best practices and acceptable standards of behaviour within a specific profession, trade, or situation. While not laws themselves, they play an important role in interpreting and demonstrating compliance with legal obligations.

Court of Protection

The Court of Protection is a specialist court in England and Wales that makes decisions relating to the property, financial affairs, personal welfare, and healthcare of individuals who lack the mental capacity to make those decisions for themselves. 
It was established under the Mental Capacity Act 2005, which came into force in October 2007. The Court’s primary purpose is to safeguard vulnerable people and ensure their best interests are protected when they are unable to make decisions independently.

D

Deputyship and the Court of Protction

Deputyship is a legal process and is applied for when someone no longer has the capacity to make decisions for themselves. The application is made to the Court of Protection, who are responsible for making the appointment.

Drafting

Drafting generally refers to the act of creating a preliminary version of a document. In a legal context, it specifically refers to the process of creating legal documents, such as:
• Contracts
• Agreements
• Wills
• Trusts
• Court documents (pleadings, motions, etc.)
• Laws and regulations

E

Estate

Everything that belongs to you at the time of your death. This includes, but is not limited to, items, property and money.

Estate administration

This is identifying, gathering in and distributing a persons assets following their death.

Estate planning

Estate planning is a proactive process of arranging your affairs to ensure that your assets are managed and distributed according to your wishes, both during your lifetime and after your death. It involves a comprehensive approach to securing your legacy and providing for your loved ones, going beyond simply writing a will.

Executor

The person(s) you appoint to carry out your wishes as stated in your Will.

F

G

Grant of Probate

A Grant of Probate is a legal document issued by the Probate Registry in England and Wales. It gives the executor(s) named in a will the legal authority to deal with the deceased’s estate. This means they can manage the deceased’s property, money, and possessions (the ‘estate’) according to the deceased’s wishes as set out in the will. In simpler terms, it’s the official court seal that validates the will and confirms the executor’s authority to act on behalf of the deceased’s estate.

Guardian

A guardian is the person you appoint to look after your children if they are under the age of 18 at the time of your death.

H

I

Intestate

The term used when a person dies without leaving a Will.

J

K

L

Lasting Power of Attorney (LPA)

A legal document appointing a person(s) to look after your affairs if you become unable to manage them yourself (either mentally of physically).

Legacy

A gift of money or item(s) of your prooerty which you leave to someone in your Will.

Letters of Administration

Letters of Administration are a legal document issued by the Probate Registry in England and Wales. They grant legal authority to a person (called an administrator) to manage the estate of someone who has died without leaving a valid will (i.e., died intestate). This document enables the administrator to collect the deceased’s assets, pay off any debts or taxes, and distribute the remaining estate according to the rules of intestacy.

M

N

O

P

Probate

The process where your Will is legally validated. Your Executor(s) need to obtain a grant of probate before they can distribute your estate as you have instructed.

Q

R

Residue

The remainder of your estate after all debts, taxes, expenses and specific gifts have been paid.

S

T

Trustee

A person(s) who is appointed by you to look after assets on behalf of certain beneficiaries (usually children).

U

V

W

Will

A legal document that details how you would like your assets, property and other items to be distributed after your death. You can also identify guardians for children under the age of 18, and an executor(s) to manage your estate.

Will Writing

The process of writing a Will. In order to be a legally valid document, certain criteria must be met. A Will that is not considered legally valid may be void. In theese cases, the wishes included in the Will may be ignored and instead assets distributed as per the law, rather than choice.

X

Y

Z