When you visit your solicitor or bank to make your Will, you will find that a number of terms are used, some of which are to be found in the legacy booklet you can request from Kathy Brooks our Legacy officer; see Contact our Legacy Officer for how to get in touch.
To help you, here is an explanation of the most common terms:
Administrator
Someone who handles your estate if you die without leaving a Will.
Beneficiary
Someone who benefits from your Will or under the rules of intestacy.
Bequest
A gift made in your Will.
Codicil
A separate document altering or adding to what is said in an existing Will.
Estate
All the assets you leave after your death.
Executor/Executrix
Someone you choose to make sure your wishes of your Will are properly met.
Inheritance Tax
A tax which may be levied on your estate when you die, the level of which is revised annually. Ask your solicitor for details.
Intestate/Intestacy
Describes a person or situation in which someone dies without making a Will.
Legacy
Money or property received by a beneficiary of a Will.
Pecuniary Legacy
A specific amount of money given in your Will.
Probate
A right granted to your executors by the court to distribute your estate according to the terms of your Will.
Residue
What is left of your estate after all debts, tax, costs and gifts have been deducted.
Residuary Legacy
A gift of all or part of the residue of your estate.
Specific Bequest
A particular item other than money given in your Will.
Testator/Testatrix
A person who makes a Will.