This glossary includes a wealth of information to help you understand some of the terms surrounding legacies and making a will.

A

Administrators
Those 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 did 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

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. Find out more about IHT by visiting the HM Revenue and Customs website

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 it 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