Legal terms jargon buster

Here are a few terms you might come across when writing your will and what they mean.

Assets
Everything you own, including your share in any assets held jointly with someone else.

Beneficiary
A person or organisation who will receive a gift in your Will.

Codicil
A legal document that changes or makes an amendment to your current Will.

Estate
Your property, money and all of your possessions.

Executor
Someone you choose and name in your Will to deal with your affairs in accordance with your Will after you've died.

Guardians
The people you choose and name in your Will to look after your minor children in the event of your death.

Inheritance
When someone receives money, property or another personal item from the person who has died.

Inheritance Tax
(IHT) - A tax on the estate of someone who's died. There is normally no IHT to pay if the value of the estate is under £325,000 and/or you leave everything to your spouse, civil partner or charity.

Intestacy
Where someone dies without leaving a Will. There are then legal rules governing who can deal with your estate and who benefits from it.

Legacy or Bequest
A gift you leave in your Will to an individual or a charity.

Probate
The process of confirming your Will is valid, identifying what you owned and any debts or liabilities that need to be paid, then submitting an application to the Probate Registry. If everything is in order the Probate Registry then issue a Grant of Probate.

Pecuniary legacy
A cash gift - this is a gift of a set sum of money.

Residuary legacy
A share of an estate - this is a percentage of everything you own after any pecuniary legacies, specific legacies, debts and legal fees have been paid out.

Specific legacy
A specific item, such as a house, car or jewellery.

Testator/Testatrix
The person whose Will is being written.

Trusts
Where someone holds money or property on behalf of somebody else.

Each November, we partner with local solicitors firms to offer a discounted will writing service throughout out Make A Will Month.

To register for updates about Make A Will month or to find out more about supporting Bolton Hospice with a gift in your will, contact Mark on 01204 663 065, email us.