Administrator: someone who is appointed to arrange a person’s affairs if they leave no will
Assets: any property a person owns
Beneficiary: an individual or individual who receives a gift in a will (not to be confused with a beneficiary of the Charity, which is someone supported by our services)
Bequest: a gift in a will
Codicil: a document that enables a simple update or alteration to an existing will.
Chattels and moveables: personal possessions including furniture and car
Estate: all of a person’s possessions at the time of their death, including money and property
Executor: the person(s) appointed to carry out the instructions in a will
Inheritance Tax: tax that may be paid on death depending on the value of the net estate, often abbreviated to IHT
Intestate: person who dies without having made a valid will
Legacy: a gift left to a person or organisation in a will
Life Interest Trust: a two-stage legacy where the first beneficiary is given the use of an asset (eg a house) during their lifetime. After their death this asset passes to the second beneficiary.
Pecuniary legacy: a gift of a fixed amount of money
Probate: the legal recognition of the validity of a will and/or codicil
Residue: the sum left from an estate when all debts, charges and gifts are deducted.
Residuary legacy: a gift consisting of the residue or part of the residue of an estate. This is a popular way to leave a gift to a charity.
Specific legacy: a gift of a particular item, for example family heirloom or jewellery.
Testator (male) / Testatrix (female): the person who is making the will
Witness: person who signs a will to show they have witnessed the signature of the will by the Testator.