N is for

Net estate to Nuncupative Will

Heena Nadeem avatar
Written by Heena Nadeem
Updated over a week ago

N

Net estate

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

Nil rate band (NRB)

The inheritance tax-free allowance, currently set at ยฃ325,000. 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.

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