UUÂãÁÄÖ±²¥

View the related practice notes about Legal estate/interest

Private Client England & Wales glossary

Private Client England & Wales glossary A Abatement Where, after payment of the deceased’s funeral expenses, debts and liabilities, there are insufficient assets or funds to pay all the legacies in full, they must be abated, ie reduced.  This is subject to a contrary intention shown in the deceased’s Will. The rules for abatement in a solvent estate are set out in Part II of Schedule 1 to the Administration of Estates Act 1925. See Practice Note: Payment of legacies. Accumulation and maintenance (A&M) trust A particular type of non-interest in possession trust, intended to make provision for children and young adults up to the age of 25, and which enjoyed privileged inheritance tax treatment between 1975 and 2006. See Practice Note: Accumulation and maintenance trusts—IHT. Accredited Legal Representative (ALR) A legal representative authorised pursuant to a scheme of accreditation approved by the President of the Court of Protection to represent a person who lacks capacity in Court of Protection proceedings. See Practice Note: Litigation friends and Rule 1.2...

Glossary of UK trust and taxation law terms for international clients

Glossary of UK trust and taxation law terms for international clients A Administration The process starting on the date of the deceased's death and ending on the date the deceased's affairs are finalised by his personal representative(s).See Practice Note: The type of grant needed.The Scottish law equivalent is executry. Administrator A personal representative of a deceased person where the deceased did not leave a Will, the Will did not appoint an executor or the executor is unable or unwilling to act.See Practice Note: Definition of a personal representative.The Scottish law equivalent is executor dative. Agricultural property relief (APR) A relief for inheritance tax purposes which to reduce the value for inheritance tax purposes of a transfer of ‘agricultural property’ by the appropriate percentage (ie 100% or 50%) of the value of that transfer which is attributable to the ‘agricultural value’. Agricultural property relief also applies to charges arising under the relevant property regime.See Practice Note: IHT—agricultural property relief. Alternative investment market (AIM) Alternative investment market is...