Explanation of terms
The language used in Wills is technical and can be difficult to understand. Below are explanations of the most common terms:
A tax on the property, money and possessions of a person who has died. You can find out more about how Inheritance Tax works, the thresholds, rules, and allowances on gov.uk.
This is the legal right of an executor to deal with someone’s property, money, and possessions when they die. The deceased’s estate cannot be disposed of until Probate has been granted. You can read more about how to obtain Probate on gov.uk.
The act of giving or leaving something in a Will
A fixed amount of money left in a Will
A share or percentage of an estate once all other bequests, expenses and taxes are paid
A physical item such as jewellery, stocks, shares, artwork, property etc.
Someone who can benefit from the estate during their lifetime e.g., live in or use a property, when they die the asset is then given (reverts) to the charity