If some of the language used in estate planning leaves you scratching your head, you’re not alone.
That’s why we’ve created this handy jargon buster. Its job is to help you with any words or phrases you might not be completely clear on.
– the person nominated by an individual to deal with their affairs in the situation where they are no longer willing or able to do so for themselves.
the person who deals with an estate if there’s no Will.
– the person or people you want to benefit from your estate when you pass away. Those who will inherit from you, as detailed in your Will.
Community Care Act 1990
– legislation passed to help people live as long as they can in their own homes.
– the legal name for a person who appoints an attorney to make decisions on their behalf.
– the person or people named in the Will to oversee how the estate is passed on. An executor may also be a beneficiary of the Will.
– a tax payable on the value of your estate. At present, it’s only payable on estates worth more than £325,000, and then only on the part of the estate that’s above that threshold.
– The position of dying without having left a Will, meaning that your estate will not necessarily be divided as you wish it to be.
Lasting Power of Attorney (LPA)
– a legal document used to appoint a specific person or people to deal with your affairs if you are unwilling or unable to do so yourself.
Office of the Public Guardian
– the government body that registers LPAs before they can be used.
– the person who will step in if one of your original attorneys can no longer make decisions on your behalf.
– the person or people in charge of dealing with the Trusts in your Will.
Based on our understanding of the current law and tax regulations in England and Wales, which may be subject to change.
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