Find out about different types of legacy gifts, and information you'll need to provide to your solicitor when changing or making your Will.
Different types of gift
Giving a share of your estate
This is known as a residuary legacy and it is stated as all or as a percentage (%) of your remaining estate, once all fees, outstanding costs and other gifts have been taken care of. Even a small percentage of your estate, after providing for family and loved ones, can make a real difference.
Making a gift of a fixed sum of money
This is called a pecuniary legacy. You can link your legacy to the Retail Price Index to ensure that the value of the gift you make today is worth the same in the future. This will prevent your gift from decreasing in value over time.
Leaving a gift other than money
A gift called a specific legacy enables you to leave specific assets such as property, stocks and shares or other valuables if you so wish.
Postponing your gift
Known as a reversionary legacy, this gift allows you to leave your estate, or part of it, on trust for the benefit of a particular person during their lifetime. They benefit from using the assets, or receiving the income from them, during their life. Upon their death, the assets pass to other chosen beneficiaries (called ‘reversionary beneficiaries’) such as King’s College Hospital Charity.
Things you need to know
How important is a Will?
How much does a Will cost?
Can I write my own Will?
When should I write a Will?
As soon as possible. If you already have one, you should review it regularly, particularly when your circumstances change; for example when you get married or divorced, have new additions to the family, or move house.