Glossary of Terms
When it comes to writing a Will, you might come across some terms that you haven't heard before. Here are the explanations for some of the most common terms used in Will writing.
A term for a gift that you leave to a person or organisation in your will. There are several different types of bequest, but the main ones are:
Residuary bequest: A gift made of what is left of your estate after all other gifts have been handed out and debts paid off. To do this you may leave either the total of the residue or a percentage.
Pecuniary bequest: A gift made of a fixed sum of money. Unfortunately, the effect of inflation means that the value of a pecuniary gift will decrease over time.
Specific bequest: A particular named item left as a gift in your Will. For example, a piece of jewellery, furniture or a painting.