Glossary of terms
Inheritance tax - Tax payable on the transfer of assets either during an individual's lifetime (within the last 7 years) or following their death.
Intestate - A person who dies without making a valid Will.
Legacy - A gift of a specific item or cash sum left in a Will, apart from land.
Life interest - The right to enjoy for life (or until a specified time period has elapsed or an event has occurred), either money or property which will eventually revert to the original estate in some way on death - instructions are included in the original deceased's Will as to what should happen to the gift when the life interest ends.
Moveable property - Anything other than buildings or land.
Pecuniary legacy - A gift of money under a Will.
Potentially exempt transfer (PET) - A gift made during ones lifetime that is exempt from Inheritance Tax if the donor lives for seven years after making the gift.
Predeceased - Someone who dies before the person who has made the Will.
Grant of Probate (England, Wales and Northern Ireland) - The document that confirms to executors that they have authority to act, and which validates the Will.
Residue - What is left of the estate after the payment of all debts, taxes, administration expenses, legacies and bequests under the Will.
Reversionary interest - Benefit from a trust property.
Specific legacy - A gift of a specific object under a Will.
Testator/testatrix - The person (male/female) who makes the Will.
Trust - An arrangement by which property is handed over to trustees to be applied for the benefit of other people known as beneficiaries.
Trustee - The person who holds property on behalf of another person and is responsible for administering the trust assets.
(Deed of) Variation - An arrangement whereby certain provisions under a Will may be varied by consent of the beneficiaries.
Will - A form of instructions as to how someone wishes to dispose of their assets on death.