Technical Terms Flashcards
Will
Persons instruction on how to dispose of their property on their death
Testator/Testatrix
The person making a will - (or male) (trix female)
Codicil
Document to make a small change to a will - executed in same ways as a will
Executor/Exectrix
Person appointed by the will to deal with the estate (or male trix female) and responsible for collecting in assets and paying debts and distributing estate according to the instructions in the will
Administrator/Administratrix
Administers the estate in the case of intestacy or a formal will does not appoint an executor or appointed exec unwilling or unable to act (or male) (Trix Female)
Personal representative
Collective name for executors and administratoers
Grant of probate
Court Order obtained by the executor to enable them to deal with the estate
Grant of letters of adminstration
Court order to all Administrators to deal with the estate
Civil Partner/Spouse
Civil partner is someone who has entered into a formal civil partnership with another under the Civil Partnership Act 2004 ( CPA 2004) opposite sex only from Dec 2019 Civil partnership (opposite sex couples) Regs 2019/ Spouse - Legal Marriage.
Power of appointment
A right which may be given to a beneficiary under a will to decide who should receive the property of the testator
Beneficiary
Person who has received a legacy from a will
Full Intestacy
Occurs when a person has died without a valid will
Partial intestacy
Occurs when all property is not disposed of by way of the will due
Donatio Mortis Causa
Death bed gift - Gift given in contemplation of death/gift conditional of death / Donor must part with gift
Inter Vivos
Lifetime gift
