Welcome to a UK-centric estate planning glossary of terms used in wills, probate, Inheritance Tax (IHT), executorship, guardianship, and trusts. Clear definitions help you understand how the law affects your decisions and your loved ones. This glossary is designed to be practical, with context for why each term matters in real life planning.
Use the A-Z index to jump straight to the relevant letter, then click any glossary heading to use its direct link.
Jump straight to a letter.
A
The process of collecting a deceased person’s assets, paying debts, and distributing the estate. In the UK, the legal authority to manage this comes through a Grant of Probate or Letters of Administration, depending on whether there was a valid will.
The person appointed to administer the estate when there is no valid will or when no executor is named. Administrators usually act under Letters of Administration.
All property, money and possessions owned by the deceased that form part of the estate and may be distributed to beneficiaries after debts and taxes are settled.
B
A simple trust where the beneficiary has the immediate right to both income and capital; the trustee holds the asset on the beneficiary’s behalf with minimal discretion.
A person entitled to receive assets or benefits from a will, trust, or the estate. Beneficiaries can be named in a will or may inherit under intestacy rules if there is no valid will.
C
A lifetime transfer of value that may be treated as part of the donor’s estate for IHT purposes. If the transfer exceeds available thresholds such as the NRB, tax may apply at the time of transfer. Compare this with a PET.
A gift to a charity included in a will. Charitable legacies can reduce the IHT burden on an estate and support charitable causes you care about.
A formal amendment or supplement to an existing will. A codicil can change terms, add beneficiaries, or revoke parts of a will without creating a new will.
A trust where trustees have discretion over when and how to distribute income or capital to beneficiaries. This can be useful for managing future interests or safeguarding assets for multiple generations.
D
A post-death agreement among beneficiaries to alter the distribution of an estate. In the UK, a deed of variation can be used to achieve a more tax-efficient outcome or reflect changes in family circumstances, usually within two years of death.
E
A legacy term from older practice; the EPA has largely been replaced by the Lasting Power of Attorney (LPA). Existing EPAs may still be valid, but new EPAs can no longer be created.
The person named in a will to administer the estate after the testator’s death. Executors carry out the terms of the will, apply for probate, pay debts, and distribute the remainder to beneficiaries.
F
G
A mechanism for gifting assets while retaining a benefit, such as living in a home after transferring ownership. If a GROB applies, the asset may still be treated as part of the donor’s estate for IHT purposes.
The official court document that authorises an executor to deal with the deceased’s assets under a will. It is issued through the Probate Registry as part of probate.
A person named in a will to care for minor children if the testator dies while children are under 18. Guardians have legal responsibility for the children’s welfare and upbringing.
H
A handwritten will. In the UK, holographic wills are not generally recognised as valid unless witnessed and properly executed in line with legal requirements; always seek professional advice for validity.
I
A tax on the value of an estate above certain thresholds when someone dies or when certain lifetime transfers are made. Key linked concepts include the Nil-Rate Band (NRB), Residence Nil-Rate Band (RNRB), Transferable Nil-Rate Band (TNRB), PET, and CLT.
The situation that occurs when someone dies without a valid will. Intestacy rules determine how assets are distributed, which may not align with the deceased’s wishes. The estate is usually managed by an administrator under Letters of Administration.
J
L
A legal document allowing you to appoint someone you trust to make decisions on your behalf if you lose mental capacity. There are two types: health and welfare, and property and financial affairs. An LPA must be registered before it can be used. See also EPA and our Lasting Powers of Attorney page.
The court authority used when there is no valid will or no acting executor. It authorises an administrator to deal with the estate under intestacy rules.
M
N
P
A gift made during life that may become exempt from IHT if the donor survives for seven years after making the gift. Compare this with a CLT.
The legal process that confirms a will and enables the executor to administer the estate. The main related documents and institutions are the Grant of Probate and the Probate Registry. See also our Probate page.
The government body that handles probate applications, grants, and related checks in the UK.
R
An additional IHT threshold that can apply when the main residence is left to direct descendants. It works alongside the NRB and can interact with spouse or civil partner transfers.
A beneficiary who receives the residuary estate, meaning the remaining assets after all other gifts and expenses have been dealt with.
The portion of the estate that remains after debts, expenses, and specific or general legacies have been paid. It passes under the will to the residuary beneficiary.
S
A formal agreement or arrangement related to distributing assets, often used in the context of trusts or disputes within an estate plan.
The person who creates a trust and transfers assets into it. The settlor sets the rules that govern the trust.
A particular item or sum of money left to a named beneficiary in a will, for example a ring, watch, or identified account.
T
A trust created by a will that comes into effect on death. It can provide ongoing control over how assets are used or distributed after death.
The person who makes a will. The term identifies the individual whose wishes are documented in the will.
The unused portion of a deceased person’s NRB can be transferred to the surviving spouse or civil partner, allowing the survivor’s estate to benefit from a higher IHT threshold. See also the spouse or civil partner transfer.
A legal arrangement in which assets are held for the benefit of one or more beneficiaries. Trusts are often used to manage wealth, provide for dependants, or control how assets are distributed. Related terms include trustee, settlor, bare trust, discretionary trust, and testamentary trust. See also our Trusts page.
The person or institution responsible for managing trust assets and ensuring the terms of the trust are carried out.
V
A will that is invalid and therefore cannot be used to distribute the estate. Causes can include lack of proper execution, revocation, or mental capacity issues at signing.
W
A legal document that sets out how a person’s assets should be distributed after death and who should manage the estate. A will can name executors, guardians, beneficiaries, and may include provisions for a trust.
Probate is the legal process that confirms the validity of a will and authorises the personal representatives to deal with the deceased’s assets. It helps ensure debts, taxes, and expenses are settled before assets are distributed to beneficiaries.
An executor is named in a will to administer the estate after death. An administrator handles the estate when there is no valid will or no named executor; both act as personal representatives, but under different legal authority.
A Lasting Power of Attorney (LPA) lets you appoint someone you trust to make decisions on your behalf if you lose capacity. It should be set up while you have capacity and registered before use.
Inheritance Tax (IHT) is charged on the value of an estate above certain thresholds. The NRB is the main tax-free threshold on death, while the RNRB can add further relief when a main residence passes to direct descendants.
A testamentary trust is created by a will and comes into effect after death. It allows greater control over how assets are used for beneficiaries, including vulnerable relatives or future generations.
A deed of variation is an agreement among beneficiaries after death to alter the distribution of assets or improve tax efficiency, usually within two years of death.