There are a few different ways to leave a legacy. 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.
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).
The Life Insurance Policy option is simple and easy to set up and works the same as other life insurance policies: you pay a yearly premium and receive the tax credits associated with charitable giving. Later, the Foundation receives your life insurance proceeds tax-free. Your gift passes outside your will with no probate delays.
Click here to view examples of wording to use in your Will.