Types of Legacy

There are many different types of legacy you may wish to consider when leaving a gift in Will to the RSC.

Residuary Legacy involves leaving all or part of the residue of your estate, after other bequests to your family and friends have been made and expenses have been met. You may give the whole residue to a particular person or organisation such as the RSC or you may apportion the residue between several beneficiaries.

Pecuniary Legacy allows you to give a specific sum of money to the RSC, whose value can be protected from inflation by being linked to the Retail Price Index or similar.

Reversionary Legacy involves leaving all or part of your estate to Trustees so that it reverts to the RSC when the beneficiaries (e.g. your spouse, partner or dependents) die. The beneficiaries have the benefit of the legacy during their lifetime.

Conditional Legacy leaves all or part of your estate to a particular person, but in the event that they die before you, then the legacy would go to the RSC.

Specific Legacy is a gift of a specific possession to the RSC. This may be in the form of property, valuables, works of art, copyrights, patents, intellect property rights, stocks and shares or even share options.

 

We strongly recommend that you seek legal advice when drafting or changing your Will.