- Executor: a person appointed by a will to administer a person’s estate.
- Estate: an individual’s assets including house, contents and any savings and investments.
- Guardian: an individual appointed in the will to look after a young child in place of the deceased parent.
- Residue/Residuary estate: the remainder of an individual’s assets once any debts, funeral expenses, and gifts have been taken into account.
- Discretionary trust: a trust where the Trustees are given discretion as to who, within a class chosen by the individual who drew up the will, should benefit from the trust fund.
- Nil rate band Discretionary trust: the maximum amount that can be given away without Inheritance Tax falling due (currently £325,000.00) into the trust. The assets can consist of cash or a share in a property.
- Trustees: a person who owns property on behalf of another called a beneficiary. If the will leaves assets to young beneficiaries the executor would ordinarily become a trustee once the estate had been finalised and moneys invested on behalf of the beneficiary.
Clarkson Wright & Jakes Ltd is a limited liability partnership, registered in England and Wales (number OC334364) and regulated by the Solicitors Regulation Authority. A list of the LLP's members, together with a list of non-members designated as partners, is displayed at the address below, the LLP's registered office. We use the word partner to refer to a member of the LLP or to an employee with equivalent standing and qualification.
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