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

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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

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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 advsor that Lincoln Estate Planning Solutions Ltd advisor has provided for you feel free to contact them for clarification or speak to a member of our team.