Wills glossary

Assets

Generally, the property owned by the person who died. For example, a house, household goods, savings, investments, a car, etc. 

Beneficiary

Someone who is entitled to receive a specific gift, sum of money or share of the estate. 

Bequest

A gift left in a Will. 

Codicil

A document that amends (rather than replaces) a Will. Codicils can adversely affect a Will, altering, cancelling or adding provisions to it. It is more common to re-write the whole Will. It must abide by the same legal requirements as the original Will (such as the signature of the testator). And it must also have two witnesses who do not benefit from the Will in any way.

Conditional gift/legacy

A gift which only takes effect if a specific condition is met on your death. For example, "if my brother is alive at the time of my death, my house will go to him, if he is not alive, it should go to my friend".

Confirmation of the Estate (Scotland)

This document validates a Will and confirms to executors that they have authority to act. 

Estate

All the assets you own, minus the value of any debts that you owe. 

Executor 

A person or persons appointed in the Will to administer the estate. 

Grant of probate (England, Wales and Northern Ireland)

This is the legal document that may be required to administer the Estate of someone who has died. With this document, Executors of the estate can then deal with all their legal, tax and administrative duties. 

Inheritance Tax

Tax payable when the estate is over the current inheritance threshold (currently £325,000). 

Intestate

A person who has died and not left a legally valid Will. 

Legacy

A gift of a specific item or cash sum left in a Will (except property). 

Legator

Someone who has left a legacy in their Will. 

Liabilities

Financial obligations (such as debts or tax bills) which may need to be settled by your estate after your death. 

Life interest

The right to enjoy for life (or until a specified time period has elapsed or an event has occurred). This can be either money or property which will eventually revert to the original estate in some way on death. Instructions are usually included in the original deceased's Will as to what should happen to the gift when the life interest ends. 

Mirror Will

This is when a husband, wife or partner make almost identical Wills. For example, leaving everything to each other should one partner die. Or, if both die together, to another agreed beneficiary. 

Pecuniary gift/legacy

A gift of money under a Will. 

Probate

Probate is the entire process of administering a dead person’s estate. It involves paying any taxes and debts, as well as organising their assets and distributing them as inheritance. 

Residuary gift/legacy

A share, percentage or sometimes all, of an estate after all the other payments have been made. One of the advantages of a residuary gift is that it doesn't lose value over time. If you leave a proportion to us, you can still ensure other beneficiaries are provided for first. 

Residue

Everything that is left in the estate after all the liabilities, tax, costs and legacies have been paid. 

Residuary beneficiary

A person entitled to the residue. 

Single Will

This type of Will is written for just one person. But you can write a Single Will if you are in a relationship, married or in a civil partnership. In fact, if your partner already has a Will or their wishes differ to yours then a Single Will is often your best option. 

Specific gift/legacy

A gift of a particular item, such as property, antiques, jewellery and shares. 

Testator/testatrix

The person (male/female) who makes the Will. 

Trust

Trusts are legal entities that allow someone to benefit from an asset without being the legal owner. 

Trustee

The trustee manages the trust on behalf of the 'beneficiaries' - those who receive the income of the trust. 

Variation, deed of 

A legal document that allows the beneficiaries to change the terms of a Will, even after the person's death. 

Will

A legal document by which a person states what they want to happen to their estate following their death. 

Power of Attorney

A lasting power of attorney (LPA) is a legal document that lets you appoint one or more people to help you make decisions or to make decisions on your behalf. 

This gives you more control over what happens to you if you have an accident or an illness and cannot make your own decisions.