Glossary of terms
Beneficiary - the individual or organisation (BCT) who will receive a gift in your Will.
Chattels - items belonging to you, eg; furniture
Codicil - an alteration or addition to your Will.
Estate - all your possessions at the time of your death, including all your money and property.
Executor - the person appointed by you to carry out the instructions in your Will.
Intestate and intestacy -if you die and haven't made a Will, you are said to be intestate. Intestacy is the name for this situation.
Legacy/ Bequest - a gift left to a person or organisation (BCT) in your Will.
Life interest - a two-stage form of legacy in which the first beneficiary is given a gift for the rest of their life, in the event of their death, the gift is passed to the second beneficiary name by you in your Will. For example, leaving the use of your house or the interest on your bank or building society account during their lifetime, after their death, the house of capital passess to a second beneficiary named by you in your Will.
Pecuniary legacy - a gift of a fixed amount of money, you would state in your Will the specific amount that you would like BCT to receive
Power of attorney - a person named by you, who can act on your behalf
Probate - the legal procedure to decide whether you left a valid Will.
Residuary legacy - the sum that is left from your estate after all debts, charges and gifts have been deducted. You would specify that BCT receives a share or all of your estate, after all gifts and liabilities have been paid
Residue - what is left of your estate after all debts, expenses and legacies have been deducted (except residuary legacies).
Testator - the person who is making the Will