HomeOur Terminology Explained

Our Terminology Explained

What follows is a brief glossary of terms that you may encounter whilst using our services:

Administrator

a person appointed by a court to administer the estate of a deceased person (probably not appointed in any Will)

Assets

a person appointed by a court to administer the estate of a deceased person (probably not appointed in any Will)

Attorney

a person or organisation legally appointed or empowered to act on behalf of another

Authority

the power to act granted by a person or organisation to his or her agent

Beneficiary/Beneficial Owner

a person entitled to receive the benefit of assets, under legal ownership or succession through a will, trust, insurance policy, etc.

Chattels

movable articles of personal property, i.e. any article of tangible property other than land, buildings, and other things annexed to land

Claimant

a person who makes a claim

Custodian

a person or organisation entrusted with holding or managing assets

Due Diligence

the checks carried-out by our staff to ensure a person’s identity and residence

Enduring Power of Attorney

legal authorisation to act on behalf of someone else in a legal or business matte

Entitlement

a title, right, or claim to assets or property

Estate

the property of a deceased person, usually formed by the conjunction or collection of particulars into a whole mass or sum total

Executor/Executrix

a person named in a deceased’s Will to carry out the provisions of that Will, legally appointed by the court

Grant of Probate/Administration

the official certificate stating a Will to be genuine (if there was one); conferring on the administrator(s) power to administer the estate

Intestate

died without having made a valid Will

Next of Kin

relatives entitled by law to inherit the property of an individual, often the closest blood relative(s) or a surviving spouse

Past Recoverable Income

accrued interest and earnings specifically related to an asset

Personal Representative(s)

a person or persons acting in the capacity of either Executor or Administrator

Prior Knowledge

having a demonstrable prior awareness of an asset or property, or associated income(s)

Trustee

a person or organisation to whom property is legally but not beneficially owned by; administered for the beneficiaries