A gift in your Will: Legal terms explained
If you would like to leave us a gift in your Will, it may help you to
understand the legal terms below.
Beneficiary - Any person or organisation that
you leave a gift to in your Will. Beneficiaries must not be a
witness to your Will, otherwise the gift to them will be made
invalid.
Bequest or legacy - A gift in your
Will
Codicil - A document that makes a change or
addition to your existing Will. It must follow the same legal
formalities as your original Will.
Estate - The total sum of all your possessions,
property and money (minus debts) left after your death
Executor - The people or organisation who will
make sure that wishes in your Will are carried out. You'll need to
name your executors in your Will. They can also be
beneficiaries.
Gift held in trust - A gift in your Will that
reverts to another beneficiary (such as a charity) when the
original beneficiary (the life tenant) dies. The beneficiaries have
a reversionary interest and are known as the 'remaindermen' (see
'life interest').
Guardian - The person or people you name to
look after your children if you die before they reach 18
Inheritance tax - The tax due on your estate if
it is worth more than the 'inheritance tax threshold', which is
specified by the Government each year. Inheritance tax is normally
levied after death, but sometimes you have to pay it on gifts you
make during your lifetime.
Intestate - This is when someone dies without
making a Will. Their estate will then be divided up according to
rules set by the Government that determine who inherits the estate
and how much they will receive.
Life interest - The right of a beneficiary (the
'life tenant') to benefit from part or all of an estate while they
are still alive. Once the life interest ceases the gift passes to
the reversionary beneficiary.
Pecuniary gift - A fixed sum of money left to
someone in a Will
Probate - The legal process after someone's
death, confirming their Will is valid and giving the executors the
legal authority to administer the Will
Residue - The remainder of your estate once all
debts, taxes, administration costs and legacies (specific and
pecuniary) have been paid out
Specific gift - A particular item you name as a
gift in your Will, for example a piece of land, jewellery,
shares or property
Testator (male) or testatrix (female) - The
person who makes the Will
Trustee - If you leave part of your estate in a
trust, a trustee is responsible for it after your death.
Will - A legal document which only takes effect
on your death and deals with how you want your estate to be
distributed. It is important to remember that your Will can be
changed at any time.
Witness - Anyone who witnesses your signature
on your Will. A witness cannot be a beneficiary or their spouse or
civil partner.
Contact us
If you would like to talk in confidence about how to include a
gift in your Will to Parkinson's UK or would like further
information call Chris Brodrick on 020 7963 9344 or email legacies@parkinsons.org.uk
We understand that your Will is a private matter and will keep
anything discussed confidential and without obligation.
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