Types of gifts in Wills
It can be hard to know where to start when writing a Will, but understanding a little more about the types of gift you can leave, will help you decide what you want to go where.
There are three types of gifts you can choose to leave in your Will. If you’d like to find out more or chat through some options, please get in touch.
A Residuary Legacy is a share or a percentage of what you’re leaving (also known as your estate) that goes to a particular person or a charity. For example, many people like to leave 10% to a charity of their choice. Residuary gifts are practical as you don’t need to worry about what the exact figures are. The value of your ‘estate’ will change over time, and a residual legacy means your Will changes with it.
A Pecuniary Legacy is a fixed amount of money you would like to leave to someone, or a charity. This is useful if you have a specific amount of money in mind. Perhaps you’d like to leave your grandchildren a University fund or the deposit for their first house? If you’re thinking of leaving a gift to Tenovus Cancer Care and would like to chat to us about what your gift could fund, please get in touch.
A Specific Legacy is when you leave specific items as a gift, like jewellery. This is great if you have special items you want to leave to specific people, and can also save arguments later! You can also leave things like property, shares or even land, to either a loved one of a charity of your choice.
Make a Will for free
Writing a Will doesn’t have to be expensive or complicated. Hundreds of people have already used our Free Wills scheme, which is a quick and easy way to get your affairs in order and plan for the future. Find out more.