D
Deathbed gift | A gift made in contemplation of death, which overrides the provisions of the Will. Also known as a donatio mortis causa. |
Deathbed Will | A Will made hastily by an individual who is close to death because their health has declined considerably. |
Debtor | A person or company who owes money. |
Deed | A formal kind of document, requiring signature and witnessing. |
Deed of appropriation | A document that gives effect to an appropriation. |
Deed of revocation | A deed that gives effect to a revocation (a reversal or annulment) of an act, gift or document. |
Deed of variation | A document that gives effect to the variation of an estate; it should be formalised, and if the legacy concerned is real property it must be formalised. |
Deemed domicile | An individual is deemed domiciled in the UK for inheritance tax purposes if they have lived in the UK for 15 out of the last 20 years. |
Default beneficiary | A beneficiary chosen to receive a gift if the original beneficiary is not able to receive it. |
Default gift | The gift given to a default beneficiary when the original beneficiary does not take it. |
Deferred debt | Debts which are ranked lowest in order of priority for repayment out of the estate. There are some specific examples of this, such as informal loans between family members. |
Dependant | A person who is financially dependent on someone else, typically a family member. |
Disabled person’s trust | A trust for someone who suffers from a mental or severe physical disability. This sort of trust attracts a favourable tax treatment if it meets certain conditions. |
Disclaimer/disclaiming | The process of refusing a gift under a Will. |
Discretionary trust | A trust in which the Trustees have some control on how or when the property held on trust is distributed to the beneficiaries. The degree of control depends on the nature and amount of discretion given to the Trustees. |
Dissolution | (a) The formal ending of a marriage or civil partnership. |
| (b) The formal closure of a company or partnership. |
Distribution of estate | The process of paying or handing over the estate of the deceased to the people who are to inherit it. |
Domicile | The country with which an individual is most closely connected and intends to reside indefinitely. An individual’s domicile status affects their inheritance tax liability. |
Donatio mortis causa | A gift made in contemplation of death, which overrides the provisions of the Will. Also known as a deathbed gift. |