Macular Disease Society Home Page
About Us Press News Support Us Events & Appeals Contact Us Links
Services
& activities
Helpline 
Treatment 
Downloads & Publications 
Counselling & Emotional Support 
Local MDS Groups & Community Support 
Conferences 
Research 
Useful Snippets 
Low Vision 
Accessing Social Care including registration 
Eye examinations 
Items For Sale 
Macular Discussion Forum Macular Discussion Forum
Join The Society Join The Society
Donate Now Donate Now
Volunteering Volunteering
Members Area Members Area
Younger People (W@M) Younger People (W@M)
Friends Of MDS Friends Of MDS
Sitemap Sitemap
This website is
supported by Vitabiotics
  Site by NEMIsys
Bobby Approved

 


Home / Support Us / Legacies and Gifts in Memory / Legacy glossary
 Support Us
Donations Donations     Legacies and Gifts in Memory Legacies and Gifts in Memory     Friends of MDS Friends of MDS     Local Fundraising Local Fundraising     Projects needing support Projects needing support     Shop and Support the Macular Disease Society Shop and Support the Macular Disease Society     Company support, recycling & fundraising at work Company support, recycling & fundraising at work    
Why make a Will? Why make a Will?     Planning your will and how we can help Planning your will and how we can help     Making your will Making your will     Keeping your will up to date Keeping your will up to date     Why leave a charity gift? Why leave a charity gift?     Work funded by Gifts in Wills Work funded by Gifts in Wills     Tell us about your gift Tell us about your gift     A Gift in Memory (Funeral Flowers) A Gift in Memory (Funeral Flowers)     Legacy glossary Legacy glossary     Talk to us Talk to us     Information for Legal Professionals Information for Legal Professionals    

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.