Gifts in Wills Terminology

A person or organisation you leave a gift in your Will to, such as Mercy Ships

 A gift in your Will to a person or organisation. There are different types of gifts; pecuniary, residuary, and specific

A document, separate to your Will, that amends a part of your Will

A gift in your Will that depends on an event which may or may not happen. For example, it could be a bequest that applies only if other named beneficiaries die before the person who made the Will

A legal document that allows beneficiaries to change the terms of a Will, even after the person who made the Will has died

A pecuniary legacy payable out of a specific fund

Everything you own at the time of your death including your house or flat, your possessions such as jewellery and furniture, money and investments such as stocks and shares. All debts such as your mortgage and loans will be paid out of the value of your estate

The person or persons you appoint to distribute your estate according to the instructions in your Will. The Executors are responsible for gathering all of the assets in the estate, paying any debts due by the deceased and distributing the proceeds to the beneficiaries

A legacy, or bequest

Named persons in your Will who will be responsible for any children until they turn 16, in the event they are orphaned

A document issued by the court confirming the validity of a will and the executor's right to administer the estate

The amount which is paid upon death on the proportion of the estate over the tax threshold, this can vary year by year. Gifts in will to charity are free of IHT, can help to reduce the inheritance tax bill payable by your estate

If you die without having made a Will, you are known as intestate. Certain relatives can apply for your estate, otherwise the proceeds of your estate will go to the Crown

A term to describe your children and their children, and the children of any beneficiaries

A property which is owned by two ore more people and contains a survivorship clause. This clause leaves the property to the remaining owners without requiring confirmation

A gift left in your Will, also known as a bequest

A testator, someone who has left a Will

The right of a beneficiary to benefit from part or all of an estate during their lifetime

A will that contains almost identical terms to another person, usually a spouse or partner, where the beneficiaries are largely the same

A bequest of a fixed sum of money

What’s left of an estate after funeral expenses, debts, legacies and taxes have all been paid

A gift made from the residue. It can be a share (percentage) of the remainder, or all of the remainder of the estate

The person who has made a Will

A legal arrangement where assets are handed over to trustees for the benefit of other people known as beneficiaries

Individuals or an organisation named in a trust, who holds property or assets on behalf of another person, and who is responsible for administering those assets