Types of legacy gift

Types of legacy gift

Leaving a legacy to VSO will help us to continue the work we do to build a fairer world.

There are three different types of legacy you can leave:

Residuary legacy

A residuary legacy is the gift of the remainder of your estate (or a percentage of the remainder) after all other gifts to friends and family have been distributed and all outgoings have been dealt with. If you leave your whole estate as a gift, this is also known as a residuary legacy. A residuary legacy is generally of the greatest benefit to VSO as its value increases in line with inflation.

Pecuniary legacy

A pecuniary legacy is a fixed sum of money. It is worth noting that pecuniary legacies tend to decrease in value over time due to rises in inflation and need to be reviewed in order to maintain their original intended value. For example, a legacy of £1,000 written into a Will in 1980 would now be worth less than £311(Office for National Statistics, 2008). It is also possible to index link a pecuniary legacy to ensure that the legacy maintains its intended value.

Specific legacy

A specific legacy refers to a particular item of value that has been left in your Will, for example, stocks and shares, property, life insurance policies or jewellery.