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 should
not witness the Will, or 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 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 of Life Interest - A gift which someone
can benefit from in their lifetime. For example, a house could be
left for the use of a relative. When they die, it could pass
to someone else, or to a charity.
Inheritance tax - The tax due on your estate if
it is over the Inheritance Tax threshold, as specified by
the Government each year. You can find up to date information
on the HM Revenue and Customs
website: hmrc.gov.uk/inheritancetax
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.
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 named in your
Will, for example a piece of land, jewellery, shares or
property.
Testator (male) or testatrix (female) - The
person who makes the Will.
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 should not be a beneficiary,
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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