KEY WORDS & LEGISLATION Flashcards
Administrator
the person to whom a grant of letters of administration is made on an intestacy. that person will deal with the disposal of the deceased estate
Beneficiary
a person who’s entitled to receive a gift or legacy under a will, or who benefits under the provisions of a trust
Codicil
An addendum to a will which alters the main document, and which has the same conditions for validity as the original will
Estate
the totailty of a persons personal wealth, goods and possessions which are left when they die
Executor
a person named in the will (or subsequently appointed) to administer the estate of the deceased person under the terms of the will
Intestacy
arises when a person dies without leaving a will to dispose of their estate - it’s subject to rules as to the distribution of that estate
Legacy
a bequest in a will leaving part of one’s estate to a named legal person
Testator
the person who makes a will
Testatrix
a woman who has made a will
Administration of Estates Act 1925 AEA
the major leg relating to the admin of estates under trusts and wills
Admitted to probate
in order for a will to take effect, probate of the will must be granted by the relevant probate registry.
if a will has bee admitted to probate - it means it has been approved by the probate registry and a GOP has been issued … until this has happened the executor’s can’t carry out the instructions of the will
Family Law Reform Act 1969 FLRA
provisions which changed the age of majority (the age at which someone legally becomes an adult)
Inheritance Tax Act 1984 ITA
the leg which covers the charge which accrues to inheritance tax on the death of an individual
Law of Property Act 1925 LPA
major legislation governing a wide range of matters relating to the holding and management of real estate
Mental Capacity Act 2005 MCA
sets out tests for when a person has the legal capacity to make decisions
