Commonly Used Abbreviations

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.