When making your will, you may come across some of the following words. Here is what they all mean.
Assets: all of your possessions, including property, car, furniture, jewellery, shares, etc.
Beneficiary: a person or organisation benefiting from a will.
Codicil: a document containing changes or additions to an existing will.
Estate: everything you own at the time of your death.
Executors: those you have appointed to handle your affairs according to your will.
Legacy: a gift left in wills, also known as a bequest.
Liabilities: everything you owe, including your mortgage, loans and credit cards, etc.
Pecuniary legacy: a specific amount of money that you wish to leave.
Probate: the legal procedure to establish that a will is valid and genuine.
Residuary legacy: the remainder of your estate after all other gifts have been made. The major advantage of a residuary legacy is that its value should increase with inflation.
If there is something you treasure which you want to pass on to someone special, the best of ensuring this happens is by including your wishes in your will.