Inglês para planeamento sucessório: vocabulário essencial

"testator"

The person who makes and signs a will, expressing their wishes for the distribution of their estate after death.

"The testator signed the will in the presence of two witnesses who were not named as beneficiaries."

"bequest"

A gift of personal property or money left to a named individual or organisation through a will.

"She left a bequest of £10,000 to her local hospice in recognition of the care they had provided."

"codicil"

A legal document that modifies, adds to, or partially revokes an existing will without replacing the entire document.

"After the birth of his grandchild, he added a codicil to include a gift to the new baby."

"intestate"

Dying without a valid will in place, causing the estate to be distributed according to statutory rules rather than personal wishes.

"Because she died intestate, her estate passed automatically to her next of kin under the intestacy rules."

"executor"

The person appointed in a will to carry out its instructions, administer the estate, and settle debts and taxes.

"He named his solicitor as executor to ensure the estate was handled professionally and impartially."

"residuary estate"

The portion of the estate that remains after all debts, taxes, funeral costs, and specific bequests have been paid.

"The residuary estate was divided equally among her three children once all outstanding liabilities were settled."

"holographic will"

A will that is entirely handwritten and signed by the testator, without formal witnessing requirements in some jurisdictions.

"He wrote a holographic will during his hospital stay, though its validity was later questioned in court."

"contested will"

A will challenged in court by a party who disputes its validity, the testator's capacity, or alleges undue influence.

"The contested will case took three years to resolve and significantly reduced the estate available to the beneficiaries."

"living trust"

A trust established during the settlor's lifetime that holds assets and avoids probate, taking effect immediately upon creation.

"By placing her home in a living trust, she ensured it would pass directly to her children without going through probate."

"irrevocable trust"

A trust that, once established, cannot be modified or cancelled by the settlor, often used for tax planning and asset protection.

"He transferred his investment portfolio into an irrevocable trust to reduce his taxable estate."

"discretionary trust"

A trust where the trustee has complete authority to decide how, when, and how much income or capital to distribute to beneficiaries.

"The family set up a discretionary trust so the trustee could respond to each child's changing financial needs over time."

"trustee"

The individual or institution that holds and manages trust assets for the benefit of the beneficiaries according to the trust deed.

"The bank was appointed as corporate trustee to provide continuity and professional investment management."

"settlor"

The person who creates and funds a trust, transferring their assets to the trustee to be held for named beneficiaries.

"As settlor, she transferred £500,000 into the trust and outlined the conditions for distribution in the deed."

"trust deed"

The legal document that establishes a trust, naming the parties, the assets, and the rules governing how the trust must be managed.

"The solicitor drafted the trust deed carefully to ensure it reflected the family's specific succession wishes."

"bare trust"

The simplest form of trust where the beneficiary has an absolute right to both the capital and income, with the trustee holding assets in name only.

"A bare trust was used to hold shares for the minor child until she reached the age of eighteen."

"charitable remainder trust"

A trust that provides income to the donor or other beneficiaries during their lifetime, with the remaining assets passing to charity on death.

"Through a charitable remainder trust, he received income for life while also securing a significant donation to the university."

"probate"

The court-supervised legal process of proving a will's validity and authorising the executor to administer the estate.

"The solicitor applied for a grant of probate so the executor could begin selling the deceased's property."

"grant of representation"

The court document authorising an executor or administrator to deal with a deceased person's estate and access their assets.

"The bank would not release the funds until the executor produced a valid grant of representation."

"letters of administration"

A court order appointing an administrator to manage the estate when there is no will or the named executor cannot act.

"Since there was no will, the widow applied for letters of administration to gain access to the bank accounts."

"estate inventory"

A comprehensive list of all assets and liabilities belonging to the deceased at the time of death, compiled during estate administration.

"Preparing a full estate inventory was the first step before the administrator could distribute any assets."

"creditor claim"

A formal demand by a creditor to be paid from the deceased's estate before any remaining assets are distributed to beneficiaries.

"Outstanding mortgage payments were settled as creditor claims before the siblings received their inheritance."

"pecuniary legacy"

A specific sum of money left by a testator to a named person in the will, paid before the residue is distributed.

"Each of her grandchildren received a pecuniary legacy of £5,000 under the terms of the will."

"assent"

The formal document by which an executor or administrator transfers ownership of a deceased's property to the beneficiary.

"The solicitor prepared an assent to transfer the family home from the estate to the surviving daughter."

"benjamin order"

A court order allowing executors to distribute an estate on the assumption that a missing beneficiary is dead, protecting the executor from personal liability.

"After a two-year search failed to locate the heir, the court granted a benjamin order so the estate could be distributed."

"nil-rate band"

The threshold below which no inheritance tax is charged on a deceased's estate; in the UK this is currently £325,000.

"The estate fell within the nil-rate band, meaning no inheritance tax was payable on the first £325,000."

"transferable nil-rate band"

The unused portion of a deceased spouse's nil-rate band that can be transferred to the surviving spouse's estate to double the threshold.

"By claiming the transferable nil-rate band, the surviving spouse could pass up to £650,000 free of inheritance tax."

"residence nil-rate band"

An additional UK inheritance tax allowance available when a main residence is passed directly to direct descendants.

"Leaving the family home to her children allowed the estate to claim the residence nil-rate band."

"potentially exempt transfer"

A gift made during a person's lifetime that becomes fully exempt from inheritance tax if the donor survives for seven years.

"The gift to his daughter was treated as a potentially exempt transfer, so no tax would apply if he lived another seven years."

"taper relief"

A reduction in the inheritance tax payable on gifts made between three and seven years before death, scaled according to how many years the donor survived.

"Because the donor died five years after making the gift, taper relief reduced the inheritance tax charge significantly."

"agricultural property relief"

A relief that reduces or eliminates inheritance tax on qualifying agricultural land and farm buildings passed to heirs.

"The farm qualified for agricultural property relief, reducing the inheritance tax bill on 100% of the land's agricultural value."

"business property relief"

A relief that reduces the value of qualifying business assets for inheritance tax purposes, often by 50% or 100%.

"The shares in his private trading company attracted 100% business property relief, removing them from the taxable estate."

"deed of variation"

A legal document allowing beneficiaries to redirect inherited assets to other people within two years of death, often to reduce inheritance tax.

"The beneficiaries signed a deed of variation to redirect assets to the grandchildren and reduce the overall tax burden."

"lasting power of attorney"

A legal document that authorises a named person to make decisions about property, finances, or health and care if the donor loses mental capacity.

"She registered a lasting power of attorney in favour of her son so he could manage her affairs if dementia progressed."

"donor"

In the context of powers of attorney, the person who grants authority to another person to act on their behalf.

"The donor signed the lasting power of attorney while she still had full mental capacity to understand its implications."

"attorney"

The person appointed under a power of attorney to make decisions on behalf of the donor, also called the agent.

"As attorney, he was responsible for managing her bank accounts and paying all household bills."

"enduring power of attorney"

An older form of power of attorney (pre-2007 in England and Wales) that remains valid if the donor loses mental capacity.

"The enduring power of attorney, signed in 2004, was still valid and allowed her daughter to manage her finances."

"advance decision"

A legally binding document in which a person states in advance which medical treatments they refuse if they lose capacity to decide.

"His advance decision clearly stated he did not wish to be placed on a ventilator if he had no realistic prospect of recovery."

"mental capacity"

The ability to understand, retain, weigh up information, and communicate a decision; required to make a valid will or power of attorney.

"The solicitor assessed her mental capacity before proceeding with the power of attorney to ensure it would be legally valid."

"deputyship"

A court-appointed authority granted to a person to manage the affairs of someone who has lost mental capacity and made no power of attorney.

"Because no power of attorney existed, his family applied to the Court of Protection for a deputyship order."

"Court of Protection"

The specialist UK court that makes decisions about the financial affairs and welfare of adults who lack mental capacity.

"The Court of Protection approved the sale of her home to fund the residential care fees."

"family limited partnership"

A business structure that allows family members to pool assets, with senior members retaining control while transferring value to younger generations.

"By creating a family limited partnership, the parents could gradually transfer wealth to their children while maintaining management control."

"generation-skipping trust"

A trust designed to transfer assets directly to grandchildren or later generations, bypassing the children's generation to reduce estate taxes.

"The generation-skipping trust allowed the grandparents to pass significant wealth to their grandchildren without triggering additional estate tax at each generation."

"letter of wishes"

A non-binding personal statement accompanying a will or trust, expressing the testator's preferences on matters such as how trustees should exercise discretion.

"He wrote a letter of wishes asking trustees to prioritise his children's education over other distributions from the discretionary trust."

"lifetime gifting"

The practice of transferring assets to beneficiaries during one's lifetime as a tax-efficient way of reducing the eventual estate.

"Her financial adviser recommended lifetime gifting of up to £3,000 per year to each child, using the annual exemption."

"family wealth council"

An organised family body that meets regularly to discuss shared financial goals, estate plans, governance, and values across generations.

"The family wealth council met annually to review the trust strategy and ensure the next generation understood their inheritance responsibilities."

"asset protection trust"

A trust structure designed to shield assets from future creditors, lawsuits, or claims while still allowing the settlor some benefit.

"The surgeon placed his investment property in an asset protection trust to guard against potential negligence claims."

"succession plan"

A comprehensive strategy for transferring ownership and control of a business or estate to the next generation or other designated parties.

"The family business lacked a formal succession plan, creating uncertainty about who would take over when the founder retired."

"equitable distribution"

The fair — but not necessarily equal — division of an estate among beneficiaries, taking into account each person's circumstances and needs.

"The will provided for equitable distribution, giving more to the child with disabilities while still leaving meaningful gifts to the others."