Codicil: A supplement to a Will which amends or changes part of a Will. It is signed and witnessed in the same way as a Will.
Estate: The total value of everything you own at your death less any outstanding debts and liabilities.
Executor (male) / Executrix (female): The person/s named in your Will who are responsible for ensuring that your wishes are carried out in full and that your Estate is administered properly.
Inheritance Tax: A 40% tax payable on larger estates. The amount of tax payable is dependent on the value of your Estate. The government sets the threshold amount from time to time.
For 2005/2006 the threshold amount is £275,000. So, if your Estate is worth more than this, any excess will be taxed at 40%. Any legacies left to charities are deducted from the value of your Estate prior to taxation.
So, by leaving a gift to WSPA, not only will you be helping animals - you could also reduce the amount of tax payable on your Estate. Your solicitor will be able to advise you further based on your own personal circumstances.
Intestate: When someone dies without a Will they are said to die intestate. There are very strict rules regarding who inherits your Estate when no Will has been made. These are called ‘The Rules of Intestacy‘.
Quite often they will conform to the relationships that you have with your family, but sometimes they do not.
The relationships that we develop in life often change, but the legal definitions regarding next of kin have been unchanged for many, many years. If you have no living relatives, your possessions will go to the crown.
Legatee: A person who receives a legacy.
Probate: The legal process to establish that a Will is valid and authorising the executors to carry out their duties.
Residue: The remainder of your Estate after all debts, taxes, funeral expenses and specific and pecuniary legacies have been paid.
Testator (male) / Testatrix (female): The person who makes a Will.
Our name, address and registered UK charity number, which is 1081849, are the essential details you will need to give to your solicitor.
Suggested wording for the different types of gift
Residual Gift:
I give [the residue] / [ __% of the residue] of my estate to the charity called The World Society for the Protection of Animals (registered charity number 1081849) of 89 Albert Embankment, London SE1 7TP, for its charitable purposes. I further direct that the receipt of the treasurer or other proper officer of the World Society for the Protection of Animals for the time being shall be full and sufficient discharge for the said legacy.
Pecuniary or Specific Gift:
I give to the charity called The World Society for the Protection of Animals (registered charity number 1081849) of 89 Albert Embankment, London SE1 7TP, [the sum of £____] / [all my share and interest in ________ absolutely] and I declare that the receipt of the treasurer or other proper officer of the World Society for the Protection of Animals for the time being shall be full and sufficient discharge for the said legacy.