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  1. Support our work
  2. Gifts in wills

Glossary of Terms

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 Sarah Greenwood, Legacy Fundraiser for more information:

Telephone: 01883 744664
Email: [email protected]

Published: 6th September, 2017

Updated: 12th April, 2019

Author: Sarah Greenwood

Related topics:
  • Will
  • estate
  • legacy
  • Why leave a gift in my will?
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01883 744664 [email protected]

The Orpheus Centre is a company limited by guarantee registered in England and Wales under number 05089501 and registered as a Charity number 1105213

Registered office: The Orpheus Centre, North Park Lane, Godstone, Surrey RH9 8ND