itc Legal

An interest that the beneficiary is completely entitled to immediately, without any restrictions.

A reduction of the amount of legacies or debts or claims where an estate is insufficient to pay all in full. This is normally made pro rata.

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The retaining and re-investment of interest.

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The value at which either the personal representatives or the beneficiary acquires the assets.

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Either the complete or partial extinction of a specific bequest as a result of the deceased having gifted, sold or otherwise disposed of it during his lifetime, other than by revocation.

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The period between the date of death and the date of the close of administration.

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The legal representatives of a deceased person who has died without a will. They are usually the closest relatives of the deceased.

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The power given to pay capital monies held in trust to or for the benefit of a beneficiary of the trust.

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Written statement by a person called 'the Deponent', who signs it and swears or affirms to the truth of its contents.

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The probate value as formally agreed by the Capital Taxes Office where inheritance tax is payable.

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A power given by will or deed to appoint a person or class of persons to inherit an interest.

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The division of income in proportionate shares between certain beneficiaries, calculated on a daily basis.

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The transfer of an asset, instead of its sale proceeds, on account of a legacy or share of residue.

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A person appointed by another to act in his place.

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A gift of chattels / assets in the will.

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Demand upon the holder of partially paid shares to pay the balance.

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The division of the Inland Revenue which deals with all aspects of inheritance tax, capital transfer tax and estate duty.

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Right of action to recover a sum due, or an entitlement to an interest in an estate.

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The legal system by which the executor of a sole or last surviving executor becomes the executor of that testator.

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A certificate issued by the Capital Taxes Office releasing a person liable to inheritance tax from paying further inheritance tax.

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All the assets and liabilities of a deceased person – such as property, shares, cash, savings and investments as well as outstanding debts.

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Accounts recording the financial transactions during the administration period.

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An absolute freehold interest.

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An estate where no Inland Revenue account is necessary if certain criteria are fulfilled.

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A person appointed by a will or codicil to wind up the estate.

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A charge to inheritance tax which arises on distributions made out of a discretionary trust.

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A gratuitous transfer of money or assets.

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This is obtained from the Probate Registry following a death. The Grant will be made to the executors where there is a will and to the closest relatives where there is no will. This document is called a Grant of Probate where there is a will and a Grant of Letters of Administration where there is no will. A deceased person's estate can be dealt with once the Grant of Representation has been obtained.

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Inheritance tax

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A document whereby the will or intestacy provisions of a deceased person can be varied.

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The situation where a person dies without making a will fully disposing of all his assets. The administration of ‘intestate’ estate is governed by the Administration of Estates Act 1925.

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A gift of chattels / assets by will.

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The estate capable of being transferred or conveyed at common law.

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The amount of the value of assets which a deceased person can leave to friends or family without having to pay any Inheritance Tax.

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Essentially personal effects. Does not include any chattels used at death for business purposes and any money or securities for money.

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An executor or administrator.

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Formal deed by which one person appoints another to act on his behalf or represent him.

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The power reserved by a named executor who declines to act as such to do so at a later date.

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This is obtained from the Probate Registry following a death. The Grant will be made to the executors where there is a will (Grant of Probate) and to the closest relatives where there is no will.

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The act whereby a named executor signs a legal document which cancels his/her appointment from the start.

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The person entitled to the whole of the deceased's estate after the payment of all debts, funeral and testamentary expenses and legacies.

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What remains of the estate after payment of all debts, legacies and all taxes and expenses.

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A particular part of a deceased's estate.

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Dying leaving a will.

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Deceased who left a will.

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Person who is holding assets on trust.

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Right to immediate or future entitlement.

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