Legacy's and Gifts

Within your will you can leave specific gifts and residual gifts to persons or organisations of your choice.

When describing your gift, it is important to accurately describe the gift to avoid any confusion for the executors and beneficiaries.
Although you can add conditions to the gifts, such as reaching a certain age or meeting certain criteria, it is best to keep the description as simple and clear as possible.

You can specify if the gift is before or after tax (ie the tax will be paid by your estate if applicable).

You can also name a substitute beneficiary, in case the person who you leave the gift to has died. This is not essential, as any gifts that do not go to a specified individual will become residual and will pass to whoever you have nominated to inherit what is left. 

Here are some examples of the types of gift wording that could be used for specific gifts.

• I give my Aston Martin car to my nephew, Oliver James Smith of 123 The Lanes, Brighton, BR1 2TF. Should he not survive me then I give the car to my other nephew Alfie Lee Smith of the same address. 
• I give my watch collection in it’s entirety to my son George Harris Smith.
• I give my holiday home in Dorset (1 Seaview, Charnmouth, Dorset, AX2 6ED), free of all taxes and costs associated with such gift to Richard Andy Candy of 42 Pepperdine Road, Oxford, OX2 5GH. and I direct that any charge on the house shall be discharged out of my residuary estate. If my he does not survive me then I give my house to my brother Andrew Mark Smith.
• I give the gift of £5,000 to my dear friend Barry Hill. I wish him to use that gift to purchase a cruise for him and his wife to enjoy, with my best wishes.
• I give all my shares in The Hidden Gem Limited to my accountant, Benjamin Button of BB Accounts Ltd, of Commercial Green, Cheltenham, CH2 7TH
• I give my antique marmite pot collection to the Quirky Museum of Lancashire. Limited and I declare that the receipt of the person who appears to be the treasurer or other 
  proper officer of The Quirky Museum shall be a full discharge to my executors and I further 
  declare that if at my death The Quirky Museum has changed its name or amalgamated with another association this gift shall not fail but shall take effect as a gift to The Quirky Museum in its changed name or the association which results from such amalgamation.
• I give £25,000 from my savings account with Barclays Bank to my brother Andrew Mark Smith. If he does not survive me then I give the £25,000 to his children by substitution.
• I give to my children in equal shares my American house known as Trumped Up, of 1 Pensilvainian Avenue, Dallas, DA12345, subject to any charge on the house. If any of my children do not survive me then I give their share in my house to their children by substitution.
• I give £15,000 to the RNLI for its general charitable purposes and I direct that the receipt of a person who appears to be the treasurer or other proper officer of Royal National Lifeboat Institution shall be a sufficient discharge to my executors.
• I give to my children Ann Smith and Tim Smith all my personal chattels as defined by the Administration of Estates Act 1925, s55(1)(x) except those which are specifically 
  bequeathed by this Will or by any codicil to it.
   

These are some examples of residual gift wording:

The residue may go to however many beneficiaries as you would like, either in equal shares or 
in specified shares. It is possible to nominate substitute beneficiaries should your nominated 
beneficiaries not survive you. You can also nominate your beneficiary's children to receive 
the gift should your beneficiary not survive you.

1. I give all the rest of my estate both real and personal whatsoever and wheresoever, 
subject to the payment of my debts and funeral and testamentary expenses and legacies, to my 
wife Samantha Louise Smith.

2. I give all the rest of my estate both real and personal whatsoever and wheresoever, 
subject to the payment of my debts and funeral and testamentary expenses and legacies, in equal 
shares, to my children Ann Smith and Tim Smiths. Should any of my residuary 
heirs not survive me then I give their share of my residuary estate to their children by substitution.

3. I give all the rest of my estate both real and personal whatsoever and wheresoever, 
subject to the payment of my debts and funeral and testamentary expenses and legacies, and on 
attaining the age of 25 years, to my son Tim Smith. If my son does not survive me then I give my residuary estate to my daughter Ann Smith of 33 Fortune Street, Westminster, London..