SEV

The official form of application to enter a restriction with the Land Registry when severing a joint tenancy by notice or agreement.

Secured creditor

A creditor (a person or company who is owed money) whose debt is secured by property or some specific asset. If the deceased leaves debts to be paid, secured creditors have priority to be paid from the asset in question.

Settlor

The person who creates a trust and puts assets into it. When the trust is created by a will, the settlor is the testator.

Simple trust

See bare trust.

Specific gift

The gift in a will of a specific item or sum of money (pecuniary legacy) to a particular beneficiary.

Spouse exemption

The exemption from inheritance tax of everything which passes to the deceased person's spouse or civil partner.

Statutory advertisement

A notice placed in the London Gazette (and other newspapers) advertising for creditors of a deceased’s estate to come forward. If personal representatives place these adverts and no creditors come forward within two months, the personal representatives will not be liable if they distribute the estate and a creditor subsequently appears.

Statutory will

A will made by the Court of Protection for a person who does not have testamentary capacity to do so for themselves.

STEP

Society of Trust and Estates Practitioners.

Substitute executor

An individual appointed to act as an executor if the first appointed executor(s) is unable or unwilling to do so.

Substitute guardian

An individual appointed to act as a child’s guardian if the first appointed guardian is unable or unwilling to do so.

Substitution clause

A clause in the will allowing the children of a chosen beneficiary to inherit that beneficiary’s share if they die before the testator.

Survivorship

The principle that when a joint tenant dies, their ownership of property is automatically assumed by the other joint tenants.

Survivorship provision

A clause in the will that means a beneficiary only takes their inheritance if they survive the testator by a specified period of time, usually 30 days.