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Do you live in England or Wales?Are you legally Married or have a Civil Partner?Your ExecutorsDo you have any children?Do you want to appoint a guardian?Do you have any pets?Do you own a property?Do you want to provide ‘life interest’ to your legal partner?Gifts and BequestsLeaving a BequestThe remainder; your residuary estateHave you excluded anyone?

types of gifts & bequests

When planning your Will, it is important to be clear about how you would like your assets and belongings to be distributed. There are four main ways to leave something in your Will.

Specific Gifts

A named item left to a named person, such as jewellery, art, a vehicle or a family heirloom.

Pecuniary Legacies

A fixed sum of money left to a person or an organisation, for example "£5,000 to my niece Jane Smith". If your estate cannot cover all the pecuniary legacies in full, they are usually reduced proportionately.

Residuary Gifts

A share of whatever remains of your estate once all debts, funeral expenses, taxes, specific gifts and pecuniary legacies have been dealt with. This is usually expressed as a percentage.

Charitable Bequests

Many people leave a lasting legacy by supporting causes they care about. You can leave a specific amount, a named item, or a share of your residuary estate to a registered charity. This can also be tax-efficient, as gifts to registered charities in England and Wales are exempt from Inheritance Tax.

Conditional Gifts

A gift that only takes effect if a particular condition is met. For example, you might leave money to a grandchild that they can access only once they reach a certain age.

Your Executor is responsible for reviewing all gifts and bequests and accounting for them correctly under the Inheritance Tax rules in England and Wales.

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