Supporting a sustainable future
Glossary
As a legal activity, will making has a number of specific terms which you may not have come across before. This list may help you to understand them.
- Administrator
- The person appointed by the court to administer your affairs if you do not leave a will.
- Assets
- All your money, goods and possessions.
- Beneficiary
- Anyone who receives something from a will.
- Bequest
- Also known as a legacy, it is a gift from a will.
- Codicil
- A further document making a simple change to your existing will. It must also be drawn up legally and witnessed.
- Conditional Bequest
- A conditional bequest is one which does not come into force unless something else happens first. For example, it could be written that a bequest goes to a person, but if she pre-deceases the person making the will it will go to their son or daughter.
- Crown
- The official term for where your money goes if you die without leaving a will and without any next of kin. In practice, this means the Inland Revenue.
- Charity legacies
- Gifts to charities may be made in a will. They are sometimes made to say ‘thank you’ to charities that have helped people during their lifetimes, or to support future work plans. A gift to charity in a will may be made because it is the time when many people can give a larger gift than they would ever be able to in their lifetime. A gift to charity may also be a way to offset tax liabilities as charity gifts are given tax free.
- Debts outstanding
- This might include bills for services and utilities outstanding, funeral expenses, etc. These are deducted from your assets.
- Estate
- The total of what you leave, i.e. your assets, minus your debts.
- Executor
- The person (or persons) you nominate to be responsible for fulfilling the terms of your will.
- Inheritance Tax
- The tax that is liable on your estate if the total value is more than the Inheritance Tax threshold. This is currently 40% of everything above £263,000.
- In memoriam gift
- An in memoriam gift is where a person, or their family, specify that instead of flowers at the funeral service, they want donations which will be given to a named charity. HDRA may benefit from in memoriam donations (see separate section of website).
- Intestate
- The term for someone who died without making a will. A partial intestacy is where the will does not cover all the estate.
- Legacy
- A gift to a person or charity.
- Pecuniary Bequest
- A gift of a specific amount of money.
- Pledge
- To promise a gift (not legally binding).
- Probate
- The legal process of ‘proving’ your will. This has to be completed before bequests may be given out.
- Residue
- The remainder of your estate after all the debts have been paid and all your pecuniary and specific bequests made.
- Residuary Bequest
- A gift from the residue. As the total amount available cannot be known in advance, this is usually referred to as a percentage share of the residue.
- Reversionary Bequest
- Used where you wish the gift to revert to the main estate if the beneficiary predeceases (dies before) you.
- Specific Bequest
- The gift of a specific item such as jewellery, a work of art, property, shares or a memento.
- Will
- A legal document which sets out precisely how you wish your affairs and property to be handled after your death.
For more information, or to discuss how a legacy gift could be used, please contact
Myles Bremner, Chief Executive, Garden Organic, Garden Organic Ryton, Coventry CV8 3LG
Telephone 024 7630 8207 or email chiefexecutive@gardenorganic.org.uk
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Garden Organic is the working name of the Henry Doubleday Research Association (HDRA).
We are not responsible for the content of external web sites.
Garden Organic is the working name of the Henry Doubleday Research Association (HDRA).
We are not responsible for the content of external web sites.
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