Key terms and Legislation
Administrator The person to who a grant of letters of
administration is made on an intestacy. That
person will deal with the disposal of the
deceased estate.
Beneficiary A person who is in receipt of a gift or legacy
under a will, or who benefits under the
provision of a trust
Codicil An addendum to a will which alters the main
document, and which has the same
condition for validity.
Estate The totality well the person's personal
wealth, go to and possessions which are left
when they die
Executor A person named in the will ( or subsequently
appointed) to administer the estate of the
deceased person under the terms of the will
Intestacy Arises when a person dies without leaving a
will to dispose of their estate. It is subject to
rules as to the distribution of the estate.
Legacy A bequest in a will leaving part of ones a
state to a named legal person
Administration of Estates Act 1925 the major legislation relating to the
administration of estates on the trust and
wills
Family Law Reform Act 1969 provisions which changed the age of majority
(the age at which someone legally becomes
an adult)
Inheritance Tax Act 1984 the legislation which covers the charge which
accrues to inheritance tax on the death of an
individual
Law of Property Act 1925 major legislation governing a wide range of
matters relating to the holding and
management of real estates
Mental Capacity Act 2005 set out test for when a person has the legal
capacity to make a decision
Trustee Act 1925 this remains the most important legislation
relating to the management of trusts
Trustee Act 2000 amends the law relating to trustees and
persons having the investment power of
trustees
Wills Act 1837 the key legislation covering the making and
administration of wills
Administrator The person to who a grant of letters of
administration is made on an intestacy. That
person will deal with the disposal of the
deceased estate.
Beneficiary A person who is in receipt of a gift or legacy
under a will, or who benefits under the
provision of a trust
Codicil An addendum to a will which alters the main
document, and which has the same
condition for validity.
Estate The totality well the person's personal
wealth, go to and possessions which are left
when they die
Executor A person named in the will ( or subsequently
appointed) to administer the estate of the
deceased person under the terms of the will
Intestacy Arises when a person dies without leaving a
will to dispose of their estate. It is subject to
rules as to the distribution of the estate.
Legacy A bequest in a will leaving part of ones a
state to a named legal person
Administration of Estates Act 1925 the major legislation relating to the
administration of estates on the trust and
wills
Family Law Reform Act 1969 provisions which changed the age of majority
(the age at which someone legally becomes
an adult)
Inheritance Tax Act 1984 the legislation which covers the charge which
accrues to inheritance tax on the death of an
individual
Law of Property Act 1925 major legislation governing a wide range of
matters relating to the holding and
management of real estates
Mental Capacity Act 2005 set out test for when a person has the legal
capacity to make a decision
Trustee Act 1925 this remains the most important legislation
relating to the management of trusts
Trustee Act 2000 amends the law relating to trustees and
persons having the investment power of
trustees
Wills Act 1837 the key legislation covering the making and
administration of wills
