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Terms

Legacy

  • A gift of a specific item 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, like someone remarrying) either money or property which will eventually revert to the original estate in some way on death - instructions are included in the Will as to what should happen to the gift when the life interest ends.

Mirror Will

  • A mirror will is when a husband, wife or partner make almost identical wills leaving, for example, everything to each other respectively should one partner die, and if both die together then direct to children. If there are no children then to a named beneficiary.

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.

Probate, Grant of

  • The document which 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

  • Interest in trust property.

Revocation, Deed of

  • Legal document used to revoke a power of attorney.

Single Will

  • Legal document stating a person's wishes as to the disposition of his or her property or estate after death.

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.

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