Net estate

The gross estate minus liabilities – i.e. debts and funeral expenses – before inheritance tax exemptions.

Nil rate band (NRB)

The inheritance tax-free allowance, currently set at £325,000. If an estate is worth less than this, there will be no inheritance tax to pay.

Nominated asset

An asset which the deceased nominated to go to a specific person. In practice these are relatively rare as they relate to small investments with particular kinds of mutual society, or old National Savings investments.

Non-Contentious Probate Rules

Rules which set out how probate works and who is entitled to administer an estate when there is no Will.

Notice of severance

A notice by which a joint tenancy is turned into a tenancy in common.

Nuncupative Will

A form of privileged Will that is not written, but spoken in front of a credible witness.