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A Baronet is the lowest order of the peerage, a status that is protected by law. A Baronet, strictly speaking, isn’t a peer at all and the holder of the title Baronet is not excluded from sitting in Parliament. A Baronet is titled Sir Forename Surname Bt. A Baronet’s wife is either a Lady or a Dame, the choice lying with the Baronet and his wife. A Baronetcy is hereditary, passing from the holder of the title to the eldest male heir on the holder’s death. The children of a Baronet do not have any special title.
The title of Baronet was introduced by King James I in 1611 as a means of extracting money from the rich whilst keeping them from the House of Lords.
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