Leave a Lasting Legacy
3. Practical preparation
Essentials to consider before starting:
- prepare a rough valuation of your estate – include all assets and don’t forget any liabilities
- consider if you have made any large gifts of property or money in the last seven years – this may affect how much you can give away
- consider how you might want to give your property and money away (see below)
- find one or more executors (although one may be your solicitor)
- find a solicitor
How can I leave money or gifts in my will?
There are three main ways in which you can make gifts of your property (including possessions) and money:
- pecuniary bequest – a gift of a fixed amount of money (some people avoid this type of gift as it can be eroded by inflation if a will is not regularly reviewed and updated)
- specific bequest – a gift of a particular item of property (you should make sure the gift is clearly identified in the will)
- residuary bequest – a gift from your residuary estate, that is the residue (or remainder) of your estate after all liabilities including Inheritance Tax and pecuniary and specific bequests have been made. (Often recipients receive a percentage or fraction of the residuary which brings the benefit of not requiring a review of the will to take into account the effects of inflation).
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