Do you ever get confused by the number of abbreviations used in the legal industry?
We’ve compiled a small list of the most commonly used terms in succession planning. Some of these terms mean the same thing but they have been included because some firms use different terms for different things.
APR Agricultural Property Relief
APT Asset Protection Trust
BMT Bereaved Minors Trust
BPR Business Property Relief
BYPT Bereaved Young Persons Trust
CGT Capital Gains Tax
COP Court Of Protection
DDT Disabled Discretionary Trust
DOT Declaration Of Trust
DOV Deed Of Variation
DT Discretionary Trust
EPA Enduring Power of Attorney
FLIT Flexible Lifetime Interest Trust
GOP Grant Of Probate
GROB Gift with Reservation Of Benefit
GWR Gift With Reservation
HPT Home Protection Trust
IHT Inheritance Tax
IIP Interest In Possession
IPDI Immediate Post Death Interest
JT Joint Tenants
LeO Legal Ombudsman
LIT Life Interest Trust
LPA Lasting Power of Attorney
LSB Legal Services Board
NRB Nil Rate Band
NRBDT Nil Rate Band Discretionary Trust
OPG Office of the Public Guardian
PET Potentially Exempt Transfer
PPT Protective Property Trust/ Property Protection Trust
PR Personal Representative
PSB Professional Standards Board
RNRB Residential Nil Rate Band
RTO Right To Occupy
SWW Society of Will Writers
TIC Tenants In Common
TNRB Transferable Nil Rate Band
VPT Vulnerable Persons Trust
If you ever feel confused about a term in your Will or on some paperwork that an SWW member has provided for you feel free to contact them for clarification or speak to a member of our team here at the SWW. Call 01522 68 78 88 and select option 1.
