Common Will-writing terms explained
In celebration of Free Wills Month this October, the following ‘Will-writing jargon buster’ is the second part of our Will-writing series.
Part one, Tail or Tale? Leaving a gift in your Will, will have got you up to speed with the importance and surprising ease of drafting your Will. Part two, right here, will help you understand the legal terminology behind it all, so you can confidently know your estate from your executor, and your legacies from any unrestricted gifts.
Don’t forget, any Will written, or amended, through our trusted partner Farewill is completely free of charge- #SignedSealedandPawtected
Will
A document that sets out what you would like to happen to your money, belongings, property and personal wishes after you die.
Estate
Everything you leave behind, such as money, property, possessions and other assets after any debts have been settled.
Beneficiary
A person, organisation or charity you choose to receive something from your Will.
Executor
The person or people you choose to carry out the instructions in your Will.
Legacy gift
A gift you choose to leave to a charity in your Will, after looking after the people closest to you.
Residuary gift
A percentage or share of what is left of your estate once other gifts, costs and debts have been paid.
Pecuniary gift
A fixed amount of money left to a person, organisation or charity.
Specific gift
A particular item you leave to someone, such as jewellery, artwork or another personal possession.
Unrestricted gift
A gift that allows a charity to use your donation where it is needed most.
Inheritance tax
A tax that may be paid from someone’s estate after they die. Gifts left to charity are exempt from inheritance tax, which can help your donation go further.
Codicil
A legal document used to make a small change to an existing Will. If you are unsure, it is best to seek professional advice.
Probate
The legal process of confirming that a Will is valid and giving permission for the executor to carry out someone’s wishes.
Ready to get started?
Now you have our handy Will-writing jargon buster to hand, the terminology behind writing or updating your Will should feel less complex.
Through our partner Farewill, you can get started writing or amending an existing Will online or over the phone, and there’s no obligation to include a gift.
If you do choose to leave a gift to Canine Partners in your Will, no matter what size, this will help us continue to train life-changing assistance dogs for people with physical disabilities. If you choose to pledge a gift, your generosity will live long into the future, ensuring more disabled people can live life to the full with a canine partner by their side.