• Testator- a person who has made a will or has given a legacy
• Executor/Executrix/Personal representative (PR) – a person or institution appointed by a testator to carry out the terms of their will.
• Period of administration – This starts the day after the individual dies to the date the residue of the estate is established.
• Residue of the estate – what property of yours is left over after the deduction of specific gifts, debts, legacies, tax and the expenses of administration.
• Probate/Grant of representation – the legal process whereby a will is “proved” in a court and accepted as a valid public document that is the true last testament of the deceased.
• Estate assets – These will usually be the property and investments of the deceased.
• Probate value – The value at the date of death usually established for Inheritance Tax (IHT) purposes.
• Appointment of assets – The transfer of assets from the Personal representatives to the beneficiary. The is no Capital Gain at this point, the beneficiary is deemed to take over the probate value of the asset.
• Beneficiary – person who derives advantage from the will.
• Specific legacy – a gift in a will of a certain article or property to a certain person or persons. Where this is an income producing asset the income is taxed on the beneficiary from the date of death.
• Pecuniary legacy – A gift of money in a will.
• Residuary legacy – it is the legacy that consists of all the money and property that remains after other amounts of money or property is given to others.
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