Assets: Any item of economic value owned by an individual such as a house or smaller items such as jewellery or collectables.
Beneficiary: A person or charity designated as the recipient of funds or other property under a Will, trust, or insurance policy.
Bequest / Legacy: Is the type of gift you leave in your Will and it could be cash, a specific gift or a share of your estate.
Codicil: This is a legal document that amends or adds specific provisions of a Will but leaves all of the other provisions unchanged. It must be drawn up and executed in the same way as a Will to be valid. If you already have a Will and want to leave a gift to The Hospice of St Francis we would suggest you use this Codicil template: HOSF Codicil
Dependant: A person who depends on another person, for support, aid, or sustenance, especially financial support.
Estate: The whole of a person’s possessions property, including money, owned by the decease, after any debts and/or expenses connected with his/her death have been taken into account.
Executor: Someone who is named in a Will as the person who will make sure that the instructions in the will are properly followed. Up to four people can be selected as your Executors.
Guardian: A person who is legally responsible for the care of someone who is unable to manage their own affairs, especially for a child under 18 years of age whose parents have died.
Lasting Power of Attorney: A legal document giving one or more persons the power to be responsible for your affairs, should you become unable to manage your own financial or personal matters whilst you are alive.
Legator: Someone who has died leaving a legacy to a charity.
Probate: The process of proving in court that the Will of a person who has died is valid.
Trust: Is an arrangement you can make to administer part, or all of your assets after death.