There are several different types of legacy and choosing how to make your gift is an important decision.
Consider each option carefully and select the one that’s right for you.
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Residuary legacy
This is a gift of the remainder or percentage of your estate after all other legacies have been made and debts cleared.
Residuary legacies keep up with inflation and are an effective way to divide the value of an estate between a number of people and causes that are important to you.
If you are considering what type of legacy to leave the Greater London Fund for the Blind, a residuary legacy can help your gift go further.
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Pecuniary legacy
This is a gift of a fixed sum of money. The value of pecuniary legacies will decrease over time, as the cost of living increases.
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Specific legacy
A particular named item left as a gift in your Will is known as a specific legacy, for example, a piece of jewellery.
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Contingent gifts
Legacies made on the basis of another event happening first are called contingent gifts. For example your Will could state that a gift only applies if all other beneficiaries named in your Will die before you do.
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Life interest or reversionary legacy
This is a gift which someone can benefit from in their lifetime. For instance, your house could be left for the use of a relative. When they die it could pass to someone else, or to a charity.
