Types of Legacy
There are a few different kinds of gift you can leave in your Will. The most common are described below.
Residuary bequest
A gift of the remainder of the estate after all other bequests have been made and debts cleared is called a residuary bequest.
Pecuniary 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.
Specific bequest
A particular named item left as a gift in your Will is known as a specific bequest - for example, a piece of jewellery.
Contingent bequest
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).