Will Terms

Estate – The legal term for the total value of all you own when you die.

Bequest/Legacy – Any gift you make in your Will.

Pecuniary Legacy – A gift of a stated sum of money.

Specific Legacy – A gift of a specific item.

Residue – All that remains of your estate after all specific and pecuniary bequests have been made and all taxes, any outstanding debts and administration costs have been paid.

Residuary Bequest – A gift of the whole or part of the residue of your estate.

Executor – The person you appoint to see that your wishes are carried out.

Codicil – The legal term for a document containing any changes or additions you make to your Will.

Inheritance Tax – A tax that may or may not be payable according to the value of your estate after your death.  Bequests to charities are free from any liability to tax.

Intestacy – The situation caused by dying without leaving a valid Will.  In such cases the question of who is to benefit from your estate is decided by the laws of intestacy and you will have had no say in the matter.

Grant of Probate – A document issued by the Probate Registry after your death confirming that your Will is valid and enforceable.  Without this your executors cannot put your Will into effect.

Please ensure that you have read our Disclaimer.