A gift in your Will: Legal terms explained

If you would like to leave the Parkinson's Disease Society 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.

• Making and updating your Will
• Your questions answered
• How a gift in your Will helps
• Solicitors' guide