A - E

I - L

M - Z

A useful A-Z of financial terms

Administrator

An administrator is a person appointed to administer the estate of a person who has died intestate or without having appointed executors who are willing or able to act. There are rules which govern who may apply to act as administrator.

Beneficiary

A person or organisation who is entitled to receive a gift from a will or a beneficial interest under a trust.

Domicile

Domicile is a complex legal concept that usually determines the legal system under which your will is to be interpreted and administered. For most people their residence and domicile are the same as the country in which they live.  

Estate

This is the term for your property and possessions which you can leave under your will. There are some assets which may not be left under your will - see Joint Property. Most pension provisions are not assets which can be left under the terms of a will or an intestacy.

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Executor

A person or company named in a will to be responsible for carrying out the terms of the will and settling taxes and debts.

Inheritance Tax (IHT)

Inheritance tax is the tax payable on your estate when you die if the value of your estate exceeds a certain amount subject to certain exemptions and reliefs.

Intestacy

An intestacy occurs where there is no valid will. An intestate estate is distributed according to detailed rules.

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Intestate

Not having a valid will or a person who has not made a will.

ISA

Individual Savings Account 

Joint property

Under English Law there are two methods of jointly owning property:

• under a beneficial joint tenancy the entire property passes to the survivor(s) on a death.
• under a tenancy-in-common only the person's share of the property can pass under the terms of his or her will (or on his intestacy).

If you and your spouse or partner have together decided to include in your wills any specific gifts of houses or land or other property that you own jointly with each other, as beneficial joint tenants and these gifts in the wills are not to your co-owner, it is very important that you retain a copy of your will instructions with your wills. This is because the agreement that you have come to, about the way that houses or land or other joint property are bequeathed in your wills, will be relevant after your death.

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Legacy

A gift of personal property which you wish to leave a person or organisation under your will. There are several types of legacy including:

• a money legacy e.g. £1,000 to Mr Smith
• a specific legacy e.g. my gold wedding ring to my daughter

PEP

Personal Equity Plan

TOISA

Tessa Only Individual Savings Account

Trust

An arrangement whereby an appointed trustee(s) holds money or assets for the benefit of the person(s) defined in the deed which created the trust (called a beneficiary).

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Trustee

An individual(s) or company appointed in the trust deed to hold the trust assets on behalf of the beneficiaries. The trustee is responsible for the management of the trust.

Will

A written document in which a person directs how his or her assets are to be dealt with after his or her death. If the will is not executed properly it may not be valid.

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