What is a legacy gift?

13 October 2015

A legacy is a planned future gift to a charity like SPANA or loved one, given through a Will. Legacies can also be referred to as bequests or gifts in Wills. There are three main types:

Residuary
This is a share of the remainder (residue) of your estate once all your other wishes and commitments have been carried out. Residuary gifts are expressed as a percentage so they remain proportional to the value of your estate. The main advantage of a residuary gift is that they can reduce the number of times that you need to update your will as they will change accordingly with your financial circumstances.

Pecuniary
This is a fixed sum of money. One thing to bear in mind is that inflation is likely to erode the value of your gift over time.

Specific
This is a gift of a particularly item or items such as jewellery, paintings or property.

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