How do I leave a legacy in a will and what are the different types of gifts I can give?

There are three main ways to leave a gift in your will:

Residuary legacy

This is a percentage of your total estate once all other gifts and expenses have been deducted. It can be any percentage that you like, for example, 10%.

Pecuniary legacy

A pecuniary gift is a fixed sum of money specified in the Will, for example £1,000

Specific legacy

This refers to a specific item, such as jewellery or property, for example, a house or car.

Inheritance tax

Donations to charities are free from inheritance tax and are taken out of your assets before the inheritance tax is applied.

In addition to this, there is a government scheme called the Legacy 10. This means that if you leave more than 10% of your estate to charity, the rate of inheritance tax on the remaining taxable estate is reduced from 40% to 36%.

To make it simpler and more straightforward, we have provided some suggested wording which you may wish to use. Please click here for Suggested wording for your Will

Updating your Will – Codicils make it easy

It is very important to keep your will up to date. The easiest and most straightforward way to update or amend your will is by writing a Codicil. A Codicil is a document which contains minor amendments to the will and is usually kept with the will. You should still ask your solicitor to help you with a Codicil as it is a legal document. Click here for an example of a Codicil Form.

£100,000

Would keep a Jumbulance on the road for a year.

£10,000

Would pay for one nurse for a whole season

£1,000

Would pay for a nurse for a trip, or for a VIP to travel