The tax that is liable on your estate if the total value is more than the Inheritance Tax threshold. This is currently 40% of everything above the current threshold. To see what the current threshold is, please see Her Majesty's Revenue & Custom's website at: http://www.hmrc.gov.uk/rates/inheritance.htm
In memoriam gift
An in memoriam gift is where a person, or their family, specify that instead of flowers at the funeral service, they want donations which will be given to a named charity.
Intestate
The term for someone who died without making a Will. A partial intestacy is where the Will does not cover all the estate.
Legacy
A gift to a person or charity.
Pecuniary Bequest
A gift of a specific amount of money.
Pledge
To promise a gift (not legally binding).
Probate
The legal process of 'proving' your will. This has to be completed before bequests may be given out.
Residue
The remainder of your estate after all the debts have been paid and all your pecuniary and specific bequests made.
Residuary Bequest
A gift from the residue. As the total amount available cannot be known in advance, this is usually referred to as a percentage share of the residue.
Reversionary Bequest
Used where you wish the gift to revert to the main estate if the beneficiary predeceases (dies before) you.
Specific Bequest
The gift of a specific item such as jewellery, a work of art, property, shares or a memento.
Will
A legal document which sets out precisely how you wish your affairs and property to be
handled after your death.
Witnesses
The signing of a Will (or any Codicils) must be witnessed by two independent witnesses. They must be present together to witness the signing by the legator. Witnesses must not benefit from the Will in any form.
