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LEGACIES: A GLOSSARY OF TERMS
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Beneficiary |
A person or charity who benefits from a gift in your Will. |
| Bequest/legacy | A gift in your Will. |
| Codicil | A “supplement” making a change or addition to your Will. |
| Estate | The total sum of all your possessions. |
|
Executor |
A person charged with ensuring that your wishes expressed in your Will are carried out. Executors can also be beneficiaries. |
| Inheritance Tax | The tax levied on your estate if worth over a certain amount currently (May 2011 - £325,000). If you leave a gift in your Will to a charity this will reduce the tax paid by your estate. |
| Intestacy | Dying without having left a Will. |
|
Pecuniary legacy (cash – any amount) |
A gift of a sum of money however large or small. Residuary legacy (a proportion of your estate) – a gift of what is left of your estate (or part of – it might be as small as 1% or as large as 100% or anywhere in between) after all debts taxes, costs and other gifts. Again, it can be any percentage or fraction of share of your estate. |
| Reversionary legacy | A gift in your will that reverts to another beneficiary (such as a charity) when the original beneficiary dies. In other words, after the second death in a marriage a charity gets the gift. |
| Specific legacy | A gift of a particular item in your Will |
| Witness |
A witness to your signature on your Will. A witness cannot be a beneficiary. |
If you are thinking about remembering The Mission to Seafarers in your Will, our Legacy Officer Rebecca Gebbie is always available to talk to you on 0207 246 2917, or you can contact her by email.
My name is Rebecca and I am the Mission to Seafarers’ Legacy Officer. I work with solicitors and executors to make sure that when you leave us a gift in your will, your wishes are properly carried out and your compassion lives on through our charitable work.
We all know now how important it is to make our wishes clear. Once you have taken care of family and dear friends, I hope you consider remembering The Mission to Seafarers in your will. If you do, it is my job to ensure your wishes are carried out and your kindness lives on through our daily work.
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