Glossary of Key Terms
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Administrator
A person appointed by the court to manage the estate of someone who dies without a will.
Beneficiary
A person who receives assets or benefits from a will, trust, or life insurance policy.
Bequest
A specific item or amount of money left to someone in a will.
Codicil
An addition or amendment to an existing will.
Conveyancing Solicitor
A solicitor who handles the legal aspects of buying and selling property.
Digital Legacy Contact
A person designated to manage your digital accounts and online presence after your death.
Discretionary Trust for Life Insurance
A trust that allows trustees to decide how life insurance proceeds are distributed to beneficiaries.
Estate
All the money, property, and assets owned by an individual at the time of their death.
Executor
A person named in a will to manage the estate and ensure that the wishes in the will are carried out.
Funeral Plan
A prepaid plan that covers the cost of your funeral arrangements.
Funeral Wishes
Your specific preferences and instructions for your funeral.
Gift Ledger
A record of gifts given to family and friends, often used for tax purposes.
Guarantor Duties
The responsibilities of a person who guarantees to pay a debt if the borrower cannot.
Inheritance Tax
A tax on the estate of someone who has passed away, payable by the estate before distribution to beneficiaries.
Intestate
Dying without a valid will.
Joint Tenants
A form of property ownership where two or more people own the property equally. When one owner dies, their share passes automatically to the other owner(s).
Key Holder
A trusted person who holds keys to your property and can access it if needed.
Lasting Power of Attorney – Health and Welfare
A legal document allowing someone to make decisions about your health and care if you are unable to do so.
Lasting Power of Attorney – Property and Finances
A legal document allowing someone to manage your financial affairs if you are unable to do so.
Life & Critical Illness Insurance
Insurance that provides a lump sum payment if you are diagnosed with a critical illness or die.
Life Assurance
A policy that pays out a lump sum upon your death to your beneficiaries.
Mortgage Advisor
A professional who provides advice on mortgage options and helps arrange loans for property purchases.
Mortgage Completion Statement
A document detailing the final amounts payable to complete a mortgage transaction.
Probate
The legal process of administering the estate of a deceased person.
Probate Administrator
A person appointed to manage the estate of someone who dies without a will.
Probate Solicitor
A solicitor who specializes in managing the legal aspects of probate.
Protective Property Trust
A trust designed to protect your share of a property from being used to pay for care fees.
Property Purchase Completion Statement
A document that outlines all the final costs and payments involved in completing a property purchase.
Seed Phrase
A series of words generated by your cryptocurrency wallet that allows you to access your wallet and funds. It’s crucial to keep this phrase safe and private.
Tenants in Common
A form of property ownership where two or more people own a property in specific shares. Each owner can pass on their share through their will.
Testator
A person who has made a valid will.
Title Deeds
Legal documents that prove ownership of a property.
Trustee
A person or organization that holds and manages assets in a trust for the benefit of the beneficiaries.
Will
A legal document that sets out how you want your assets to be distributed after your death.