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Legacy glossary
Administrator Someone who is appointed to settle your affairs if you do not leave a Will
Beneficiary An individual, charity or organisation who will receive a gift in your Will
Codicil A document which makes a simple alteration or addition to a will without revoking the original. A coodicil is read alongside your last will.
Chattels and moveables Your possessions, including your furniture and car
Crown or Treasury The Government. If you do not have a Will and have no next of kin, the Crown receives your entire estate
Estate All your possessions at the time of your death, including money and property
Executor The person who is appointed by you to make sure the instructions in your Will are carried out
Funeral Arrangements
Instructions you can give in your Will regarding your funeral, such as details of your burial, the funeral service, favourite hymns and requests for donations to charity instead of flowers
Inheritance Tax
a 40% tax payable on larger estates. (A legacy to a UK registered charity is free of Inheritance Tax).
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 in a Will - either a specific item (a Specific Legacy) or a gift of money (a Residuary or Pecuniary Legacy)
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 to a second beneficiary named by you in your will. Quite often a charity is the second beneficiary.
Pecuniary legacy A gift of a fixed amount of money.
Power of attorney A legal document which authorises one or more people to handle another person's financial affairs (including property, shares, money, etc), either generally or in relation to specific items.
Probate The legal procedure to decide whether you left a valid will.
Residual or Residuary Legacy The remainder of your estate after the deduction of tax, debts, and the expenses of administration.
Specific legacy A gift of a particular item, e.g. a piece of jewellery or furniture.
Testator (or testatrix if female) The person who is making the Will.
Will A legal document which sets out the wishes of the testator for the distribution of his or her estate and certain other matters after his or her death.
Witness A person who signs a Will to verify that they saw the testator(rix) sign it and that he/she was of sound mind at the time. Each Will must have two witnesses. |
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