Beneficiary: Someone who will benefit from your will or trust.
Estate: Everything you own.
Guardians: Responsible for looking after children (under 18) following the death of both parents.
Grant of Probate: A court certificate authorising the person(s) named on it to deal with a deceased’s estate with full authority.
Inheritance Tax: The government’s charge on all your assets at your death.
Lasting Power of Attorney (LPA): A document authorising an individual(s) chosen by you to make decisions on your behalf in connection with your property, financial affairs, health and welfare when you are no longer able to make those decisions for yourself.
Nil Rate Band: The value of your estate assessed to inheritance tax at the rate of 0% (i.e. tax free), currently £325,000, with the balance being charged at 40%.
Trust: A binding obligation on the trustee.
Trust Administration: The day to day running of your trust, including the management of trust assets, filing tax returns and preparing trust accounts.
Trust Fund: The total of all the assets subject to the trust.
Trustee: Responsible for looking after trust funds for your chosen beneficiary or beneficiaries.