The IWC Glossary

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Partnership Agreements

A Partnership Agreement is a vital document when setting up a business with another person.

Pecuniary Legacies

A Pecuniary Legacy is a gift of a nominated sum of money to someone

Personal Representative

The Personal Representative is the person or persons dealing with the estate of the deceased person.

Pilot Trust

Pilot Trusts are generally used for inheritance tax planning and are also referred to as feeder trusts.

Post mortem

If somebody passes away and the cause of death is uncertain, an investigation will be held, this is referred to as a post mortem.

Potentially Exempt Transfer

An asset given away to another would be classed as a Potentially Exempt Transfer for Inheritance Tax purposes for seven years

Power of Attorney

A legal document giving another Power to administer the affairs of the person signing the Power of Attorney.

Power Reserved

Many wills appoint multiple executors, however it is not always necessary for all executors to act. In this instance other executors can reserve their power

Probate (Definition of)

Definition of Probate:- Probate is the administration procedure to claim the estate of person who has passed away.

Probate practitioner

A probate practitioner is someone who has made their career in dealing with Probate and Estate Administration

Probate Registry

The only High Court division permitted to give a person permission to deal with the assets of a deceased person

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