Types of legacy
The main ways you can leave a gift in your Will are:
Residuary legacy – A share or percentage of your whole estate. This type of gift in your Will means that however much your financial circumstances change, the proportion of your estate each person receives will stay the same. Usually it shown as a percentage of what is left of your estate – once all the expenses, debts and specific gifts have been taken out. This is the best possible gift you can leave to Wellspring.
Pecuniary legacy – Fixed amounts of money.
Specific gifts/ bequests – such as a house or land or personal possessions such as a painting or jewellery.
Contingent gifts – these are gifts, which are dependent on a certain event happening at a fixed or uncertain date. 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).
Informing your solicitor
Your solicitor will need the following details in order to set up any legacy from your will:
13 Smith’s Place
Scottish Charity No:12522
Suggested words for your will
The following words are considered quite normal for this type of gift:
“I bequeath to Wellspring, 13 Smith’s Place, Edinburgh, EH6 8NT, Scottish Charity No:12522 the sum of £_________ (for a pecuniary bequest), or: the residue of my estate (for a residuary bequest) to be used by Wellspring at its discretion.”