There are three main ways to leave a gift in your Will:
Residuary gift
This type of gift is a share of your estate, for example, 5%.
Some people divide their estate into 100 equal units. After giving to family and loved ones, they then gift a certain number of units to charity. Unlike a cash gift, leaving a share of your estate means your gift won’t devalue over time.
Cash (Pecuniary) gift
A cash gift, known as a pecuniary gift, is a fixed sum of money, for example, £5000. These gifts are paid out of your estate first, and then what’s left is divided up per your Will’s instructions.
Specific gift
A specific gift is a nominated object, such as an artwork, a collection of records, or an antique. If you want to keep a particular item in your family, this could be a good way to pass it on.
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