Absolute Interest
A legal term to confirm that something is given without any conditions.
Administrator
The person who will sort out your affairs if you don’t have a will.
Beneficiary
Someone who benefits from your will.
Bequest/Legacy
A gift made in your will. A legacy generally means something of monetary value and a bequest tends to refer to property and possessions.
Codicil
If you have already made your will but would like to change a clause, either by replacing it completely or by adding the Woodland Trust as a beneficiary, it may be possible to execute a codicil to reflect your wishes. A codicil is a separate document which alters or adds something to an existing will. We recommend that you seek professional help when considering a codicil.
Contingent/Conditional/Restricted Legacy
A legal term meaning to give something, subject to something else happening.
Discretionary Legacy
A gift in a will whereby someone else has the discretion of how it is used or to whom it is given. The will maker may have left instructions as to what ideally they would like done with the gift.
Estate
What you own less what you owe is your estate - for the purpose of a will or codicil.
Executor Dative (Scotland)
Person appointed by the Sheriff Court to act as Executor if there is no will.
Executor (male)/Executrix (female)
Sometimes called Trustees and Personal Representatives.
People you choose to be responsible for administering your will and your estate.
Gift of woodland/land
Explanation of Leaving a gift of woodland or land.
Heritable Estate (Scotland)
Land and buildings.
Inheritance Tax
The IHT threshold for 2009-2010 is £325,000, and is expected to rise to £350,000 in 2010-11. Please note that exemptions are available depending on each estate’s circumstances.
In Specie
Exchanging an item from the estate for a cash gift.
Intestate/Intestacy
Terms used when a person dies without leaving a will.
A person who has made a legally valid will.
Life Time Transfer
Sometimes a person wishes to give items or money away in their lifetime. There are many different matters to consider when doing this: whether it negatively affects the taxation of the recipient, whether it causes hardship later on for the person making the transfer; and whether the transfer can be set aside by outside influences. Legal advice and independent financial advice should be sought if considering this option.
Living Wills
Created to deal with situations that might arise, e.g. if a person is unable to communicate a wish to refuse medication as in the case of terminal illness. The law is unclear on the absolute position of living wills and the outcome therefore cannot be guaranteed. It is clear however that there must be independent witnesses to protect the person from undue influence.
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Pecuniary legacy
This is a gift of a specific sum of money or monies-worth (eg shares) stated in your will. Unlike with a residuary bequest (see below) inflation will erode the value of such a gift over time, so pecuniary gifts should be reviewed regularly. You may wish to link the bequest to the Retail Price Index which will maintain its real value and prevent it from being eroded by inflation.
You may find the following wording of guidance in either drawing up a new will or adding a codicil to your existing will:
I GIVE to the Woodland Trust of Autumn Park, Dysart Road, Grantham, Lincolnshire. NG31 6LL (A charity registered in England and Wales number 294344 and in Scotland number SC038885) absolutely to be applied for its general purposes such sum as shall be produced by dividing the sum of ....... Pounds by the index figure in the Index of Retail Prices ("the Index") from the date of this Will and multiplying it by the index figure in the Index for the month in which my death occurs.
Predeceased
To have died before another person
Probate/Confirmation
The legal authorisation confirming that your will is valid, allowing your executors to carry out their duties according to your wishes.
Residue
What is left in your estate after all debts, tax and funeral and legal costs, followed by specific and pecuniary legacies, have been paid.
Residuary legacy
An instruction in your will, which explains what should happen to the residue of your estate. It is a gift of all or part of anything not already given away in the will or codicil(s) and will increase or decrease with the value of your estate, subject to the estate passing to relatives as of right. Generally this kind of legacy is of greatest benefit as its value increases in line with the value of your estate.
If you would like the Trust to benefit in this way then you may find the following wording of guidance in either drawing up a new will or adding a codicil to your existing will:
I GIVE all the residue of my estate whatsoever and wheresoever both real and personal subject to the payment thereout of funeral and testamentary expenses and just debts to the Woodland Trust of Autumn Park Dysart Road Grantham Lincolnshire NG31 6LL (A charity registered in England and Wales number 294344 and in Scotland number SC038885) absolutely to be applied for its general purposes and I direct that the receipt of the Treasurer or other duly appointed officer for the time being of the said charity shall be sufficient discharge for my Executors or Trustees.
Reversionary Legacy
An instruction naming a person who can use something for their lifetime after which that part of the estate passes to someone else. The beneficiaries have to wait for the life tenant (the person who has an interest for their lifetime) to die or give up the life interest.
Specific Legacy
A named gift in your will - for example, a house, car, shares, furniture or jewellery. If you were considering leaving such a gift to the Woodland Trust we would encourage you to discuss it with us in advance so that you are aware of how we may use the legacy. Where we cannot benefit from the gift directly we may wish to sell it and use the proceeds. Please read our PDF Will your gift save a wood? first before contacting us about leaving a Specific Legacy.
Testator (male)/Testratrix (female)
One who has made a legally valid will or codicil.
Will
A legal document of how a person wishes his or her possessions to be disposed of after death.