Trusts - glossary of terms

A few of our key terms explained.

The beneficiaries specified in the trust.  These are fixed and can't be changed.

The legal process in Scotland of confirming who can deal with an estate after someone dies, before the assets of the estate can be distributed according to the terms of the will, or if there is no will, the rules of intestacy.

A deed used to appoint an additional trustee.

A deed used to change the named beneficiaries or the shares they are to receive. The deed may be 'absolute' or 'irrevocable' meaning no further changes can be made or it can be 'revocable' meaning that it can be changed later. 

A deed used to allow someone who no longer wants to be a trustee to retire. 

A discretionary beneficiary is someone who is eligible to receive benefits from a trust.

The benefits from the plan that the settlor wants to give to someone else.

The legal document granted by the Court, which gives authority to named individuals to deal with the estate of someone who has died.

When someone dies without leaving a valid will. It is also possible for a partial intestacy to occur if someone's will is not worded properly to cover all of his estate. Where someone dies intestate, the law sets out who will receive their estate so they lose all control over who benefits. 

The people your clients have asked to deal with their estate after their death.

The legal process in England, Wales and Northern Ireland of confirming who can deal with an estate after someone dies, before the assets of the estate can be distributed according to the terms of the will, or if there is no will, the rules of intestacy. 

The benefits from the plan the settlor wants to keep for himself.

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