Assets Belongings that have a financial value, including money, investments, property and their possessions.
Beneficiary A person or an organisation who’s been left something in a will or trust.
Confirmation In Scotland the probate is called confirmation.
Current valuation A document which confirms the value of the remaining cash and/or stock held within the person’s account at the time of death.
Distribution of assets This is the process of selling assets held within a share dealing account as instructed by the named executor of the account.
Estate All of the person’s assets, usually detailed in their will.
Executor The person, named in a will, who carries out the wishes of a person who’s died.
Grant of representation A legal document that outlines who can deal with the estate left by the person who has died.
Grant of Probate The legal court document that confirms the executors' authority to deal with an estate. If there’s a will, you’ll need to get a Grant of Probate from the Probate Registry.
If the estate is held in joint names and passes automatically to the surviving owner (as is often the case with married couples), you may not need to apply for probate.
Intestate A term used when someone dies without leaving a will.
Letters of Administration If there is no executor named in a will, then this lets a named person deal with the estate.
Liabilities This covers any debt left when someone dies, and costs involved with settling an estate.
Personal representatives The executors and administrators are called personal representatives as a group.
Probate The process to get permission from the court to deal with the deceased person’s estate.
Trade A deal to buy or sell an investment such as shares.
Trust This is when money or property is held for someone under restrictions, such as until they reach a certain age. A trust can also allow assets to pass to someone else before they die.
Will A legal document drawn up and witnessed during the person’s lifetime that outlines who receives a share of any assets when they die.