There are two main classes of gifts – specific gifts (which we call “Legacies”) and gifts of a share of your estate (“Residuary”). Usually the Residuary gifts are largest and most important. Specific gifts are typically smaller monetary gifts, items or heirlooms e.g. a cash gift to a friend or relative.
Bear in mind that Residuary gifts will increase or decrease as your wealth changes whereas a specific sum will remain fixed.
Legacies can be either of money or other assets. We have provided options for our customers to provide gifts of certain asset classes or “some other item”.