Glossary
This glossary explains some of the terms surrounding legacies and making a will.
You should always contact a solicitor for professional, independent advice.
A
Administrators – Those people appointed to administer an estate where there is no will or executor, often solicitors.
B
Bequest – Another name for a legacy.
Beneficiary – The named individual or organisation/charity that benefits from your will.
C
Codicil – A document allowing additional changes to your will. This must be signed and witnessed in the same manner as your will.
Crown – HM Treasury. This is where the proceeds of your estate will go if you do not have a next of kin and do not make a will (intestate).
E
Estate – All assets and debts owned by you at the time of your death.
Executors – These are the people that you appoint to deal with the affairs of your estate after your death. They are known as “Trustees” in your will. A beneficiary cannot be an executor.
G
Guardians – Guardians are the people that are appointed to look after any minors up to the age of 18.
I
Inheritance Tax (IHT) – May be payable on an estate when someone dies. Transfers made to a charity are exempt from tax. You can find out more information by contacting HM Revenue & Customs.
Intestacy – If you die without making a valid will, then you are referred to as “intestate”.
P
Pecuniary legacy – A fixed sum of money left in your will.
Probate – Required under law in most cases to formally establish whether you left a legally valid will and who your executors will be.
R
Residuary legacy – The residue of an estate or a share of it.
Residue – The remains of your estate after payment of all debts, expenses, tax and distribution of any legacies, be they specific or pecuniary.
S
Specific legacy – An item that is tangible, for example a piece of jewellery or furniture.
T
Testator – As the person making the will, you are the Testator.
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By wea-admin December 9, 2009
