Glossary
Beneficiary
The person who receives your assets after your death
A Will
A Will is a legal document by which a person, who expresses their wishes as to how their property is to be distributed at death and names one or more persons, as the executor to manage the estate.
Lasting Power of Attorney (LPA)
A Lasting Power of Attorney (LPA) is a legal document that enables you to appoint a third party to handle your affairs, should you lose the capacity to make decisions for yourself
Limitation of Will
Unless otherwise stated, a Will covers all of your worldwide assets
Legal Guardian
A guardian is someone you have named in your Will as the person you would like to be responsible for your children if they are orphaned before reaching the age of 18.
Trustee
Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another, also a Trustee can be a person who is allowed to do certain tasks but not able to gain income.
Inheritance Tax
Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who’s died.
Gift
It can be anything that has a value such as money, property, possessions.