There are a few different kinds of gift you can leave in your Will. The most common are described below.
A gift of the remainder of the estate after all other bequests have been made and debts cleared is called a residuary bequest.
A gift of a fixed sum of money in your Will is called a pecuniary bequest. The value of pecuniary legacies will decrease over time, as the cost of living increases.
A particular named item left as a gift in your Will, is known as a specific bequest for example a piece of jewelry.
A gift in your Will that depends upon the occurrence of an event which may or may not happen is known legally as a contingent bequest. 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).
Examples of wording
Should you wish to remember CVQO in your Will you might wish to take the following wording suggestions for a *residuary bequest and a *pecuniary bequest to your solicitor. They will ensure that your wishes are accurately followed.
Residuary bequest (a proportion)
I give (%) of the residue of my real and personal estate which I can dispose of by Will in any manner I think proper to CVQO (Registered Charity No. 1115234) of 3 Archipelago, Lyon Way, Frimley, Surrey GU16 7ER and the receipt of the Trustees or the proper officer for the time being of CVQO shall be a complete discharge to my Executors.
Pecuniary bequest (a set sum)
I give the sum of ...... pounds to CVQO (Registered Charity No. 1115234) of 3 Archipelago, Lyon Way, Frimley GU16 7ER and the receipt of the Trustees or other proper officer for the time being of CVQO shall be a complete discharge to my Executors. It is important to ensure that the following clause is inserted, whichever wording you need to use:
If at my death any charity named as a beneficiary in this Will or any Codicil hereto has changed its name or amalgamated with or transferred its assets to another body then my Executors shall give effect to any gift made to such charity as if it had been made (in the first case) to the body in its changed name or (in the second place) to the body which results from such amalgamation or to which such transfer has been made.
Please also remember to use our full name CVQO and the correct registered address and charity number.
The legal terms used in the process of making or updating a Will can be confusing. Here we explain the most common words and phrases that you may come across.
Beneficiary - Any person or organisation to whom you wish to leave a legacy or bequest (gift) in your Will.
Codicil - Any change or addition that you make to your Will. It must follow the same legal formalities as the original Will.
Contingent bequest - A gift in your Will which depends upon the occurrence of an event which may or may not happen. For example - a bequest to a charity which applies only if other beneficiaries named in the Will die before the testator (person who made the Will).
Estate - The total sum of your possessions, property and money (minus debts) left after your death.
Executor(s) - Person(s) appointed by you to make sure the wishes in your Will are carried out.
Intestate - The condition of dying without having made a Will.
Legacy - A bequest or gift left in your Will. It can be in the form of money, property, stocks and shares or possessions.
Life interest - The right of a beneficiary to benefit from part or all of an estate for their lifetime.
Pecuniary bequest - A gift of a fixed sum of money in your Will.
Probate - the legal procedure after death which confirms your Will is valid and confirms the executors' authority to carry out your wishes.
Residuary bequest - A gift of the remainder of the estate after all other bequests have been made and debts cleared.
Specific bequest - A particular named item left as a gift in your Will - for example, a piece of jewelry.
Testator - A person who has made a Will.
CVQO would advise that anyone making or updating a Will should seek independent advice from a practicing solicitor or bank trust company.