JARGON BUSTER

Beneficiary - a person or organization to whom you leave a gift

Codicil - a change to your Will

Estate - possession property and money left after debts are paid

Executor - person(s) appointed by your to ensure that your wishes in your Will are carried out.

Legacy - a gift to a person or organization

Life Interest - lifetime gift – such as the right to reside in a property for a persons lifetime

Residue - what is left of your estate after payment of debts and pecuniary and specific gifts (see below)

Testator - person who has made a Will

Pecuniary Gift - gift of money – fixed sum

Specific Gift - gift of items such as jewellery or furniture

Residuary Gift - remains of estate after other gifts have been given

Probate - official proof of the validity of your Will.  If the value of your estate is more than £5000 probate must be applied for by the executor, who can then administer the Will and distribute your estate according to your wishes.