| Bequest/legacy |
A gift in your Will. |
| Codicil |
A "supplement" making a change or addition to your Will. |
| Estate |
Total sum of all your possessions. |
| Executor |
A person charged with ensuring that your wishes expressed in your Will are carried out. Executors can also be beneficiaries. |
| Beneficiary |
A person or charity who benefits from a gift in your Will.
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| Inheritance Tax |
This is usually paid on an estate when somebody dies. Most estates don't have to pay Inheritance Tax because they are valued at less than the threshold (£325,000 in 2010-11) |
| Pecuniary legacy |
A gift of a sum of money - these are linked to some form of financial instrument such as an annuity or life insurance policy or a Trust where part or all of the income/capital can be distributed to a non-profit. |
| Residuary legacy |
A gift of what is left of your estate (or part of) after all debts, taxes, costs and other bequests have been paid. It can be a percentage or fraction or share of an estate - even 1% of your estate |