You encounter lots of legal language when writing a Will. The glossary below is a handy guide to some of the most common terms.
Assets: All your possessions, including items such as property, cars, furniture, jewellery, shares, endowments, savings and life insurance policies.
Beneficiary: Any person or organisation that receives a gift in your Will.
Bequest: A gift in your Will, also known as a legacy.
Codicil: A document containing addition or change to an existing Will.
Dependant: Someone who depends on you for financial support.
Estate: Everything you own at the time of your death.
Executor: The person, people or institution you appoint to carry out your wishes.
Inheritance tax: The tax due on your estate if it exceeds a certain threshold. A gift to a charity can reduce the amount of inheritance tax you pay on your whole estate. You can find out more <here>.
Intestate: The word used to describe someone who has died without a Will.
Liabilities: Everything you owe, including debts such as your mortgage, loans and credit cards.
Mirror Will: A Mirror Will is an identical Will to your spouse or partner.
Pecuniary gift: A gift of a specific sum of money in your Will.
Probate: The legal administrative process of settling your estate after your death. It involves your executors applying for the legal right to deal with your estate, so that they can settle any outstanding financial obligations and then distribute your money, property and possessions according to your wishes.
Residuary gift: What remains of your estate after all your debts, expenses and other gifts have been distributed. You can leave all of the residue or divide it up into portions.
Specific gift: A particular item or asset, such as your home, or a valuable possession, such as jewellery, art or shares.
Testator: The person making the Will.