Every gift in every Will makes a difference and there are many ways in which you can leave a gift.  Here is a range of terms that you may come across when arranging the contents of your Will.

Specific

This is when you choose to leave a specific item such as antiques, jewellery, shares, a plot of land or even your home.

Pecuniary

This is when you leave a specific sum of money to a person, organisation or charity.

Residuary

Once any outstanding debts have been paid, and all your specific gifts have been made, the amount which is left over is the 'residue' of your estate.  You may choose to leave this residue (or a percentage of it) to a named beneficiary or charity.  Residuary legacies keep up with inflation and can help your gift go further.  As the value of your estate increases, so does your legacy.

Contingent Gift

This is a gift that depends on a defined event e.g the charity will receive the gift only if the intended primary beneficiaries die before the person who made the Will.

Codicil

If you already have a Will and wish to add a gift to a person, organisation or charity, this can be done using a Codicil.  A Codicil need not change the terms of your current Will, it can simply add a new instruction.

Estate

Your estate refers to the value of all of your possessions (including property and money) that will be left once any outstanding debts have been paid.

Executors

Your executors ensure that all your wishes in your Will are carried out after your death.  You can choose one ore more people to act as your executors including your solicitor, bank or a beneficiary of your Will.