LEGAL WORDING
Assets:- Everything you own
Beneficiary:- A person or organisation
who will benefit from your will
Bequest:- A gift left in a will
Codicil:- A document which alters the contents of a will
Debts or Liabilities:- The total amount of any money you
owe or any monies outstanding
Estate:- Your assets less your liabilities at the time of
your death
Executor:- A person who administers your estate after your
death
Inheritance Tax:- Tax payable on your estate
Intestate:- The term used if you die without having made
a will
Pecuniary Legacy:- A specific amount of money left in a
will
Probate:- The legal procedure to establish that a Will is
formally valid and to enable the Estate to be administered.
Residuary Estate:- The remainder of your estate after any
debts and expenses have been paid and any legacies distributed.
Specific Legacy:- Where you may like to leave a particular
asset, such as property, shares or a personal possession.
Testator/Testatrix:- The male/female person making the
will
Testimony Guardians:- People chosen to care for your children
should you die
Will:- A document that instructs how a person wishes for
their assets to be shared upon their death.
If you would like
further information regarding leaving a gift in your will
to Rossendale Hospice,
please contact Sam in confidence
on 01706 253633 or by email at fundraising@rossendalehospice.org
