Glossary of Terms

Administrator: This is someone who is appointed by law to settle your affairs if you die without leaving a Will, or if the person named as executor in your Will does not act.

Beneficiary: This is someone who is left a gift in your Will.

Bequest or Gift: This is a charitable donation in your Will.

Codicil: This is a change or addition made to an existing Will.

Endowment: This is a perpetuity model that invests and grows monetary gifts received and offers a long-term reliable funding stream for Dilworth Trust Board’s charitable work. The Dilworth Trust Board’s invested funds include endowed funds from donations made as Gifts in Wills. These are managed as part of the overall investment fund. Investment proceeds from these gifted funds are set aside for their designated purposes.

Estate: This is the total of what you leave when you die.

Executor: This is the person you appoint in your Will to see that your wishes and instructions are carried out.

Intestacy: This is the name given to the situation that arises when someone dies without leaving a valid Will.

Legacy: This is an amount of money or property left to someone in a Will. It can also be interpreted as the everlasting effect of leaving a significant or transformative gift of time, talent or treasure.

Living Legacy: This is all about life and living and caring about your world during your lifetime. When you're alive, you have a unique opportunity to draw meaning by helping others in some way that is meaningful to you. This gift is made as you would intend to in your Will, but the payment of the gift is made whilst still alive. In this way you can claim donation tax benefits and also experience the impact your gift makes during your lifetime.

Partial Intestacy: This is when someone’s Will does not dispose of the whole of their estate.

Pecuniary Gift/Bequest: This is usually a sum of money or percentage of the value of your estate given to a particular person or organisation.

Probate: This is the legal procedure to validate a Will.

Residuary Gift/Bequest: This is a portion of your estate, or the balance remaining after loved ones and expenses are provided for.

Residue: This is what is left of your estate after all expenses have been paid and any pecuniary and specified gifts have been made.

The James & Isabella Legacy Circle: Anyone who makes a gift in their Will is automatically a member of this group of donors and will be appropriately recognised for their support, invited to specific events and receive personalised information annually
about the impact of their gift.

Specified Gift/Bequest: This is where a particular item of value (for example shares, property, land, jewellery or works of art) is gifted to a particular person or organisation.

Testator (male) or Testatrix (female): This is the person who has made the Will.

Will: This is a written instruction on how a person’s property is to be distributed on that person’s death. To be effective it must comply with correct legal procedure.