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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 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.

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