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Types of bequest

There are 4 main types of bequest or legacy gift

  1. Pecuniary
  2. Residuary
  3. Specific
  4. Reversionary

1. Pecuniary

A pecuniary legacy is the gift of a specified amount of money. If you do not update your will the value of a pecuniary legacy will decrease over time as the cost of living rises. (So a gift of £100 put in a will in 1984 was worth a lot more then than it is now.)

2. Residuary

The residue of an estate is the remainder after all the other bequests have been made and all debts paid, before any tax due is paid.

Any gift made to a charity, such as HDRA, is free of Inheritance Tax and may help reduce the overall tax burden on the estate.

The residue of an estate may be split between more than one beneficiary and it may be shared in any way the legator chooses.

3. Specific

A specific bequest is where you leave a named article as a gift, for example a piece of jewellery, work of art, or piece of property. You will need to give a clear description in the will so that the Executor knows s/he is giving the right clock, watch, picture, house, etc. to the right person.

4. Reversionary

A reversionary legacy is where you anticipate that something might happen and if it does, then the gift reverts to the residue of the estate or another named beneficiary.

For example, if you think that someone might die before you, you can ensure that the money or specific gift would revert to the main estate.

On the other hand, if you wish the item to go instead to a relative of that person should they pre-decease you, then ask your solicitor to make this a conditional clause.

For more information, or to discuss how a legacy gift could be used, please contact
Myles Bremner, Chief Executive, Garden Organic, Garden Organic Ryton, Coventry CV8 3LG
Telephone 024 7630 8207 or email chiefexecutive@gardenorganic.org.uk

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