When making your will, you may come across some of the following words. Here is what they all mean.

Pecuniary legacy: a specific amount of money that you wish to leave.

Residuary legacy: the remainder of your estate after all other gifts have been made. The major advantage of a residuary legacy is that its value should increase with inflation.

Codicil: a document containing changes or additions to an existing will.

Estate: a term for everything you own at the time of your death.

Executors: those you have appointed to handle your affairs according to your will.

Legacy: a gift left in will, sometimes also known as a bequest.

Beneficiary: a person or organisation benefiting from a will.

Probate: the legal procedure to establish that a will is valid and genuine.

Assets: all of your possessions, including property, car, furniture, jewellery, shares, etc.

Liabilities: everything you owe, including your mortgage, loans and credit cards, etc.

IHT: Inheritance tax (IHT) is a tax payable on the value of any assets or property that you leave. There are many rules surrounding IHT and in what circumstances it should be paid. More information on IHT.

Useful resources to help you

Visit Citizens Advice for advice on creating a will and why it's important.

Contact us

Other questions? Contact Stuart McNaughton, Legacy and Individual Giving Manager for more information:

Telephone: 01883 744664
Email: [email protected]