Legacies jargon explained

If you have decided to make or update your Will and include a gift to the World Society for the Protection of Animals (WSPA) - thank you.

We strongly recommend you seek advice from an independent financial advisor or solicitor to ensure your wishes take effect. Then, you can relax knowing that what matters to you is protected. 

Before you visit your solicitor, you will need to decide which of the following types of gift you wish to make:

• Residuary gift are a way of passing on the residue of your estate (after all other commitments are met) to your chosen beneficiaries. You can leave the total residue to one beneficiary or you can dictate the share that a number of beneficiaries are to receive.

• A pecuniary gift is a stated sum of money.

•  A specific gift is a specific item for example shares or a piece of jewellery

We are very grateful for all gifts we receive; however, the type of gift that can make a particularly amazing difference is a residuary gift.

Wording for your gift to WSPA

In your Will it is important that WSPA is correctly identified and that your chosen gift is described in sufficient detail. We recommend that you take the suggested wording below to your advisor, for their information.

To leave a residuary gift in your Will

I give to WSPA, registered charity number 1081849 (England
and Wales), of 222 Grays Inn Road, London, WC1X 8HB, [insert
percentage or share of your estate] and I express the wish that
such estate be used for the general purposes of WSPA.
The receipt of a Duly Authorised Officer of WSPA shall be a good
discharge to my executors for the gift.

OR

To leave a pecuniary gift in your Will (stated sum)
I give to WSPA, registered charity number 1081849 (England and
Wales), of 222 Grays Inn Road, London, WC1X 8HB, the sum of
[insert amount in figures and words] and I express the wish that
such estate be used for the general purposes of WSPA.
The receipt of a Duly Authorised Officer of WSPA shall be a good
discharge to my executors for the gift.

You can contact our legacy officer Kathy on 0845 073 7500 or at giftsinwills@wspa.org.uk

Glossary

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.