What are the different types of gifts I can leave in my will?A bequest is a gift you leave in your Will to a person or organisation. There are different types of gifts. The main ones are:
- A Residuary gift is a remainder of your estate after all other gifts have been made and debts cleared. You may leave either the total of the remainder or a percentage of it. This type of bequest ensures that family members and special friends are provided for first.
- A Pecuniary gift is a fixed sum of money. With this kind of bequest it is recommended that you review your Will regularly to safeguard against inflation. This is because the value of a pecuniary gift will decrease over time, as the cost of living increases.
- A Contingent gift is dependent upon the occurrence of an event which may or may not happen. For example a gift to a charity which applies only if other beneficiaries named in your Will pass away before you do.
- A gift of assets is for example, a gift of a home, business property, stocks and shares, or a portion of these.
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