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Will Making Jargon Buster
Making a will can be more difficult than it needs to be because of the language used. Here are some of the main terms you might come across and explanations to help you get past the jargon.
Beneficiary
This is a person or organisation that receives a gift in your will.
Bequest
This is the official name for a gift that you leave in your will. There are a few different types of bequest:
- Residuary Bequest
The ‘residue’, or remainder, of your estate is what’s left after all debts, costs and gifts have been paid. You might leave the remainder all to one person or organisation, or split it into parts or percentages. For example, you might want to give 1/3 to Charity A, 1/3 to Charity B and 1/3 to Charity C.
- Pecuniary Bequest
This is a gift of a specific amount of money, e.g. £200 to Josephine Bloggs. The ‘real’ value of this gift will decrease over time, as the cost of living increases.
- Specific Bequest
This is a particular named item left as a gift, e.g. Grandma’s ring to Joseph Bloggs.
Codicil
This is a document used to change or update a will that has already been made. People sometimes do this to include more grandchildren they’ve had since making their will, or if some other circumstance has changed. You should always get help from a solicitor if you want to write a codicil.
Estate
This is the total sum of your personal possessions, property and money.
Executor
This is the name given to the person or people that you appoint to ensure your final wishes are carried out. They can be professionals, friends, family members or a mixture. Your executors are allowed to receive gifts in your will.
Inheritance Tax
Each tax year, the government decides the limit above which the value of your estate will be taxed at 40%. The threshold for the 2009-10 tax year is £325,000. With current property prices as high as they are many people pay tax after they die. Gifts to charity are tax exempt, and a good way of reducing the amount of your estate subject to inheritance tax.
Intestate
This is the name given to a person who dies without making a will, e.g. “He died intestate.”, meaning without making a testimony. This means that statutory executors manage what you leave, and charge the estate for their professional time. Inevitably family members with inheritance rights will inherit less.
Legacy
This is the name for a gift that you leave to someone in a will. It might be anything, from a treasured possession or a small amount of money, to your house or other property.
Probate
This is the process of ‘proving’ a will. When somebody passes away, their executors will usually need to apply for probate. Once granted by the courts, the executors can distribute the gifts that have been left.
Residue
The ‘residue’, or remainder, of your estate is what is left after all debts, costs and gifts have been paid.
Testator
This is the name given to a person who has made a will. It is sometimes given as ‘testatrix’ for a woman, but this is becoming less common.
Witness
Someone who counter-signs a will to say that they have seen the testator sign it.
Find out more about leaving a gift to charity in your will.
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