- Making a list of your assets
- Thinking about the way in which you want to divide your estate
- Thinking about who to appoint as executor
Types of LegacyThere are a few different kinds of gift you can leave in your Will. The most common are described below.
A gift of the remainder of the estate after all other bequests have been made and debts cleared is called a residuary bequest.
A gift of a fixed sum of money in your Will is called a pecuniary bequest. The value of pecuniary legacies will decrease over time, as the cost of living increases.
A particular named item left as a gift in your Will is known as a specific bequest – for example, a piece of jewellery or plot of land.
A gift in your Will that depends upon the occurrence of an event which may or may not happen is known legally as a contingent bequest. An example is a bequest to a charity which applies only if other beneficiaries named in the Will die before the testator (person who made the Will).
Important NoteFood for Life Global would advise that anyone making or updating a Will should seek independent advice from a practising solicitor or bank trust company.
To learn more about Planned Giving (Bequests)
For advice on Planned Giving (Bequests), see: The National Committee on Planned Giving