Inheritance Probate Terms
Administrator
The person who deals with the belongings of the person who died without a will (intestate).
Capital Gains Tax
When you sell quickly or give away an asset and it has increased in value you may be taxable on the profit. You don’t have to pay on:
- Your car
- Your main home
- ISAs or PEPs
- Personal belongings worth £6,000 or less
- Betting, lottery or pools winnings.
Estate
All belongings – assets and property of deceased.
EPA
Enduring Power of Attorney is a legal document which gives a person the power to run another person’s financial affairs.
Executor
Person who has been appointed in will to deal with deceased’s estate.
Inheritance Tax
Tax which is paid on your estate. Not everyone pays Inheritance Tax, it only applies if the taxable value is above £300,000.