Beneficiary: Person or organisation who receives something in a Will.
Bequest: Money or an item that is left in a Will.
Codicil: An addition or supplement that explains, changes or cancels a Will.
Contingent Legacy: A gift in your Will that depends upon the occurrence of an event which may or may not happen. For example, a gift to a charity which applies only if other beneficiaries in the Will die before the testator.
Estate: All the money and property owned by a person at the time of their death.
Executor: Person who will carry out the directions of a Will.
Inheritance Tax: An estate with a value of over £285,000 is subject to 40% tax. Reducing the estate value with a donation to charity can negate inheritance tax.
Legacy: A gift given to someone through a Will.
Pecuniary Legacy: A specified amount of money that is left in a Will to a person or organisation.
Probate: The legal procedure that confirms your Will as valid and authorises your executors to deal with your estate.
Residuary Legacy: The amount of money that is left over in your Will once all costs and other gifts have been paid.
Specific Legacy: A particular named item left in your Will, such as a piece of jewellery.
Testator: A person making a Will.
Will: Legal document containing instructions for what will be done with your money and property after your death.
