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Which type of legacy?

 January 29, 2018 | Simon Jenkins


We recommend that you seek professional advice about which type of legacy would be most appropriate for your circumstances.

Pecuniary
A pecuniary legacy is a gift of a specified sum of money. If you choose to make this type of legacy it is a good idea to review your Will regularly as inflation will erode its value over time. This can be avoided by specifying a percentage of your estate rather than a fixed sum, or by index-linking your legacy.

Residuary
A residuary legacy is the gift of the remainder of your estate (or a percentage of the remainder) after all pecuniary legacies, debts and other expenses have been paid. The advantage of a residuary legacy is that its value is not eroded by inflation.

Reversionary
A reversionary legacy allows you to provide for family or friends while also benefiting the University. It involves leaving assets to a chosen beneficiary to enjoy during their lifetime, with the whole or a proportion passing to the University at their death.

Conditional
A conditional legacy would name the University as a beneficiary should any or all of your other named beneficiaries die before you.

Specific or non-monetary
Specific assets such as property, valuables, works of art or stocks and shares can also be bequeathed. The University may sell non-financial gifts and use the proceeds in keeping with your wishes.

Pension funds and life insurance policies
The University of Leeds can also be nominated as a whole or joint beneficiary of a pension fund or life insurance policy. If you are thinking about supporting the University in this way, we recommend that you seek professional advice.

Find out more
Download our suggested wording for pecuniary and residuary legacies for general purposes. If you would like suggested wording for a legacy for a specific purpose, contact Caroline Bartholomew, +44 (0)113 343 2347.

 

 

Which type of legacy?