Legacy Jargon Buster
Beneficiary: Someone who receives a gift from the will of a person who has died.
Bequest: A sum of money left to someone through a will. Also used as another word for legacy.
Codicil: A valid legal amendment to a will.
Conditional legacy: The term for any type of will which provides a fallback situation in case of the early death of one or all of the beneficiaries. (For instance, a man may leave everything to his wife, but if his wife dies before him then her gifts could be passed on to someone else.)
Estate: The amount a person owns at the time of their death, after their debts have been paid.
Executor: The person or people you choose to make sure the wishes in your will are properly carried out. They can be friends, family or professional. The executor can be a beneficiary.
Intestate: The term for a person if they die without making a will.
Legacy: Something left in a will.
Legatee: A person or organisation who stands to receive a gift in your will
Pecuniary legacy: A gift through a will made in the form of a specified sum of money. As the value of a specific sum will decrease over time owing to inflation, it is possible to index link the sum so that it maintains its current day value.
Probate: The official proof that a will is valid
The Reversionary Legacy: This is an attractive method of providing for your family first and then benefiting Barretstown. It involves leaving your assets to a Trustee so that the beneficiaries can enjoy the income and/or the property during their lifetime, with the whole or portion going to Barretstown upon their death.
Residuary legacy: A share of the remainder of an estate after all other payments and gifts have been made. This gift has more flexibility than a pecuniary gift in that you do not quantify the sum or take into account inflation when you draw up a Will.
Specific legacy: A specific item such as a piece of jewellery or property.
Testator: A person who makes a will.
Witness: Two witnesses must see you sign your Will and you must also watch both of them sign the Will. No one benefiting (or their spouse) should sign the Will. If they do then they will not receive any gift left to them in the Will.