Glossary
To help you through the process, our experienced team have put together a glossary to help explain common phrases, words and legal jargon relating to wills and estate planning.
A, B, C, D, E, F, G, H, I, J, K, L, M, N, O, P, Q, R, S, T, U, V, W, X, Y, Z
A
- Assets
- Assets refer to everything an individual owns or has a financial interest in. These assets form the basis of an estate and are crucial for determining how they’ll be managed during someone’s lifetime (in the case of LPAs) and distributed upon their death (in the context of wills and estate planning).
B
C
- Capacity assessment
- A capacity assessment determines if an individual has the mental capacity to make a specific decision at a particular time. This is based on the Mental Capacity Act 2005 (MCA), which applies to England and Wales.
- Code of Practice
- In the UK, a Code of Practice (or Code of Conduct) is a set of written guidelines that advises on best practices and acceptable standards of behaviour within a specific profession, trade, or situation. While not laws themselves, they play an important role in interpreting and demonstrating compliance with legal obligations.
- Court of Protection
- The Court of Protection is a specialist court in England and Wales that makes decisions relating to the property, financial affairs, personal welfare, and healthcare of individuals who lack the mental capacity to make those decisions for themselves.
It was established under the Mental Capacity Act 2005, which came into force in October 2007. The Court’s primary purpose is to safeguard vulnerable people and ensure their best interests are protected when they are unable to make decisions independently.
D
- Drafting
- Drafting generally refers to the act of creating a preliminary version of a document. In a legal context, it specifically refers to the process of creating legal documents, such as:
• Contracts
• Agreements
• Wills
• Trusts
• Court documents (pleadings, motions, etc.)
• Laws and regulations
E
- Estate planning
- Estate planning is a proactive process of arranging your affairs to ensure that your assets are managed and distributed according to your wishes, both during your lifetime and after your death. It involves a comprehensive approach to securing your legacy and providing for your loved ones, going beyond simply writing a will.
F
G
- Grant of Probate
- A Grant of Probate is a legal document issued by the Probate Registry in England and Wales. It gives the executor(s) named in a will the legal authority to deal with the deceased’s estate. This means they can manage the deceased’s property, money, and possessions (the ‘estate’) according to the deceased’s wishes as set out in the will. In simpler terms, it’s the official court seal that validates the will and confirms the executor’s authority to act on behalf of the deceased’s estate.
H
I
J
K
L
- Letters of Administration
- Letters of Administration are a legal document issued by the Probate Registry in England and Wales. They grant legal authority to a person (called an administrator) to manage the estate of someone who has died without leaving a valid will (i.e., died intestate). This document enables the administrator to collect the deceased’s assets, pay off any debts or taxes, and distribute the remaining estate according to the rules of intestacy.