Legacy terms explained

Understanding some of the most commonly used words when talking about legacies and leaving a gift in your Will.

Will 
A legal document that sets out what happens to your money, property, and possessions after you die. 

Executor 
The person (or people) you choose to carry out the instructions in your Will. 

Beneficiary 
Anyone who receives something from your Will, such as a person, charity, or organisation. 

Residuary Gift 
A share or percentage of what’s left of your estate after all other gifts, debts, and expenses have been paid. 

Pecuniary Gift 
A fixed sum of money left to a person or charity in your Will. 

Specific Gift 
A particular item or asset (such as jewellery, a painting, or property) left to someone in your Will. 

Estate 
Everything you own at the time of your death, including money, property, and possessions. 

Inheritance Tax 
A tax that may be paid on your estate when you die. Gifts to charity are usually exempt from inheritance tax. 

Codicil 
A legal document used to make small changes or additions to an existing Will without needing to rewrite the entire document.