Real property

a term referring to land, dwellings and other permanent structures, and the nature of the rights or interests that a person has in them.

Receipt

Acknowledgement of something (i.e. a gift) having been received.

Relevant property trust

Any trust that is subject to the ‘relevant property charging regime’ for inheritance tax (including discretionary trusts).

Renounce

When an executor steps down from their position.

Renunciation of probate

The process of an executor stepping down and renouncing their role.

Residence

Place where an individual lives, i.e. their ‘dwelling house’.

Residence nil rate band

An Inheritance tax-free allowance available from 6 April 2017 where a residence is given to a direct descendant.

Resident

Where an individual is living for the time being. Being resident in the UK for tax purposes depends largely on how many days are spent in the UK. Not to be confused with domicile.

Residuary beneficiary

A person who inherits the whole, or a share, of the residuary estate.

Residuary estate

The estate that remains after all debts and liabilities have been paid, and (if there was a will) all specific gifts have been made over to the relevant beneficiaries. May also be referred to as the ‘residue’.

Residuary gift

A gift in a will of the whole of the residuary estate, or an identified proportion of it. E.g., a spouse might be left the whole of the residuary estate, or it might be left to the testator’s children in equal shares.

Residuary legacy

The legacy of a share – or the whole – of the residue.

Residue

Another term for residuary estate.

Revocation clause

A clause in a document that allows the contents of the document to be reversed or annulled at a later date.

Right of survivorship

The process where property co-owned by two or more people as joint tenants automatically passes to the surviving joint tenant(s) on the death of a joint tenant.

Rules of intestacy

See intestacy rules.