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Glossary of Legal Terms
Administrator
Someone who is appointed to arrange your affairs if you do not leave a Will.
Beneficiary
An individual or organisation who will receive a gift in your Will.
Codicil
An amendment to your existing Will.
Chattels and moveables
Your personal possessions, including your furniture and car.
Deed of Variation
This applies to individuals who have personally benefitted from a Will. They can choose, within two years of someone's death, to make a deed of variation in favour of Farleigh Hospice. This can be used to reduce Inheritance Tax.
Estate
All your possessions at the time of your death, including money and property.
Executor(s) or Executrix
The person(s) appointed by you to make sure the instructions in your Will are carried out.
Intestate and intestacy
You are said to be intestate if you die without making a Will. Intestacy is the name for this situation.
Legacy
A gift left to a person, charity or organisation in your Will.
Letter of Wishes
A letter of wishes left with your Will can be used to request that your beneficiaries increase your legacies to charity via a Deed of Variation if they can afford to.
Life interest
A two-stage form of legacy in which the first beneficiary is given, for example, the use of your house or the interest on your bank or building society account during their lifetime. After their death the house or capital passes on to a second beneficiary named by you in your Will. Quite often a charity is the second beneficiary, e.g. "To my wife for life and then to Farleigh Hospice"
Nil-Rate band
The amount above which the estate pays Inheritance Tax of 40% subject to exemptions and reliefs.
Pecuniary legacy
A gift of a fixed amount of money.
Probate
The legal procedure to decide whether you left a valid Will.
Residue
The sum that is left in your estate when all debts, charges, taxes and gifts have been deducted.
Residuary legacy
A gift consisting of the residue or part of the residue of your estate. This is a particularly popular way to leave a gift to a charity.
Specific legacy
A gift of a particular item e.g a piece of jewellery or furniture.
Testator (male) or testatrix (female)
The person who is making the Will.
Witness
A person who signs your Will in your presence to confirm he or she witnessed it, who must not be a beneficiary or the wife/husband or civil partner of one.
With the help and guidance of a solicitor you’ll find making or amending a Will can be a straightforward and easy-to-follow procedure.
