Attorney – Is a person appointed in a Lasting Power of Attorney to look after a person’s affairs if they are no longer able to, eg through physical or mental illness.
Beneficiary – This is a person who is going to receive assets from a will.
Executor – This is the person named by the deceased who has to carry out the instructions in the will and do the probate.
Guardian – A person appointed in a will to look after children under the age of 16.
IFA – Independent Financial Advisor. A person who can help you plan your finances to get the best out of your savings and can also give guidance on Inheritance Tax.
IHT – Stands for Inheritance Tax. This is charged when a person’s estate is over the government threshold (for 2015 this is £325,000 for a single person and £650,000 for a married couple.) This amount changes regularly and is announced in the Budget.
Intestate – Means that the person has died without a will and government rules will decide how the estate is paid out.
Probate – If anyone dies leaving £5,000 or more, the probate office has to be informed and the relevant paperwork filed before an estate can be paid out.
Trustee – Often the same person as the executor, he or she looks after the funds until they are paid out.
If you need to know what any other Legal terms mean, please do not hesitate to contact us and we can help explain things further.