Types of gifts in wills

There are several different types which a solicitor will discuss with you. The main types are:

Residuary bequests

This is a gift of the remainder of your estate after all payments, taxes and other bequests have been made. You might choose to leave the whole or part of the residue, which is usually expressed as a percentage of your estate.

Pecuniary bequests

This is simply a fixed sum of money decided by you.  You can either specify that the value of the gift remain constant, or you can guard against the effect of inflation by leaving instructions for the Trustees of the Will to increase the level of a specified monetary gift to take account of inflation since the date that the codicil was signed.

Specific (non-monetary) gifts

This is a specific gift of personal possessions such as property, works of art or shares.  If you are considering leaving a specific work of art please contact us in advance.  We would greatly appreciate the opportunity to discuss your plans for your collection or work of art before you commit them to a will.

Reversionary bequests

You can leave your assets, including property and investments, to a chosen beneficiary (for example your spouse or other dependant) to benefit from them during their lifetime, with the whole or a proportion reverting to the Gallery on their death.

Read more about leaving a gift to the Gallery

 
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