Thanks for supporting me, you are amazing mentors.
- Student studying at the hospice
Glossary of Terms
The language used in Wills is formal and can sometimes be difficult to understand. Below is an explanation of some of the terms used.
Beneficiary – A Person who benefits from a gift in your Will
Bequest/Legacy – A gift in your Will
Codicil – A ‘supplement’ making a change or addition to your existing Will
Estate – Total sum of all your possessions, property and money
Executor/Executrix – A person you ask to make sure the wishes expressed in your Will are carried out. Executors can also be beneficiaries.
Inheritance Tax – The tax levied on your estate if it is more than an amount specified by HM Revenue and Customs. A gift to charity is exempt from inheritance tax.
Pecuniary – A gift of a specified Sum of money
Residuary Legacy – A gift of what is left of your estate (or part of) after all debts, taxes, costs and other bequests. It can be a percentage, fraction or part of an estate.
Reversionary Legacy – A gift of a Will that reverts to another beneficiary (such as a wife, husband or child) when the original beneficiary dies.
Specific Legacy – A gift of a particular item in your Will e.g. a painting, antique, jewellery, etc.
Testator/Testatrix - the person making the Will
Witness – A person present at the signing/authorising of your Will. A witness cannot be a beneficiary. You need two witnesses, both present, when you sign a Will.