Glossary

Estate

The total of everything a person owns at the time of their death, including property, savings, investments, possessions and digital assets, less any debts.

The estate is what the executors administer after the testator's death. Some assets pass outside the estate, including jointly owned assets passing by survivorship and pension benefits with a binding nomination.

Inheritance Tax is calculated on the value of the estate (with adjustments for lifetime gifts in the seven years before death and certain other items).

Related terms

Other terms that come up alongside this one.

Will
A legal document setting out who inherits an estate when the person who made it dies, who acts as executors, and (where relevant) who looks after dependants.
Probate
The legal process of dealing with the estate of someone who has died, including obtaining a Grant of Probate, paying debts and taxes, and distributing the remainder.
Inheritance Tax (IHT)
A tax charged at 40% on the value of an estate over the nil-rate band (currently £325,000 per person), with various reliefs and exemptions.

Related services

Where estate matters in our work.

Will writing
A properly drafted Will makes your wishes clear, protects the people you love and saves your family from unnecessary stress. Single Wills, Mirror Wills, Complex Wills.
Probate and estate administration
When someone dies, the people they left behind have to deal with paperwork, banks, HMRC and often the courts, all while grieving. We handle as much of that as you want us to.
Inheritance Tax planning
With careful planning, much of an estate can be passed on without an unnecessary tax bill. We work with you, and your other advisers where helpful, to plan properly.

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