What types of gift can you leave?
We receive many different types of gifts in Wills and we're always incredibly grateful to receive each one. There are three main types of gift you can leave in your Will:
1. Residuary Legacy
This is a share (or maybe even all) of the residue of your estate once all other payments have been made such as tax, administration expenses, lifetime debts and of course, any pecuniary or specific legacies you may wish to leave (see below for more information on these type of gifts). The advantage of this type of gift is that it will not lose its value over time, and if you leave a proportion to us you can still ensure other beneficiaries are taken care of.
2. Pecuniary Legacy
This is where you can leave us a fixed amount of money. It's worth being aware that the effects of inflation could mean that the ultimate value of this gift could become less than you intended. This can be addressed if you review your Will regularly or you link your gift with inflation. If you are considering a pecuniary gift, your solicitor or professional Will writer can advise you on wording to do this.
3. Specific Legacy
This is a gift of a specific item. It could be anything from jewellery to a house - it's entirely up to you.