Residuary Bequest

A residuary legacy is the whole, or a percentage share, of everything that you own (ie your ‘estate’), once all gifts, debts, taxes and costs associated with it have been deducted. The benefit of residuary legacies is that the value is not affected by inflation as there is no fixed sum.

Pecuniary Bequest

This is a gift of a fixed sum of money. These types of legacies can often be affected by inflation and their value may decrease over time from when the Will was originally made. It is, however, possible for the amount to be increased in line with inflation in order to safeguard the sum of your gift. You should consult a solicitor and/or accountant for full details on index linking your bequest.

Specific Legacy or Gift in Kind

This is the gift of something valuable, such as property, a piece of jewellery or stocks and shares. The form of the wording in your Will is the same as for a pecuniary gift, except the gift itself is specified instead of a cash sum.

Reversionary Legacy

This gift has the advantage of providing for your family first by passing your estate to an initial beneficiary to benefit from during his or her lifetime. This type of gift is often considered by couples. When the original beneficiary dies, the gift in your Will reverts to the School. Reversionary legacies can be complex, and we suggest that you discuss this fully with your solicitor.