Glossary for leaving a gift in your Will
Assets
Your assets are the things you own that are worth money, such as a house, car, savings or shares.
Beneficiary
A person or institution, such as a charity, who receives a gift from a Will.
Codicil
A document which amends your Will, but which is signed and witnessed in the same way as your Will.
Conditional or Contingent legacy
A gift that is only made if other events happen first.
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Here’s some information you’ll need to hand if you decide to write or update your Will
Estate
Your estate is the total value of everything you own - after any outstanding debts have been paid.
Legal Guardian(s)
If your children are under 18, you can appoint Legal Guardians in your Will to care for your children.
Legacy / Bequest
This is a gift of money, property or other asset in a Will.
Legator / Testator
The person who has made the Will.
Liabilities
Your liabilities are the things you owe money on, such as a mortgage debts and credit cards.
Trustee
The people or institutions specified in your Will who will manage a Trust set up in your Will.