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Wills: guidance on leaving gifts or bequests

When planning your Will, it's essential to clearly express how you would like your assets and belongings to be distributed. Here's an overview of the types of gifts and bequests you can include to ensure your wishes are fulfilled:

Specific Gifts

  • Personal Items: You can leave specific personal items, such as jewellery, art, or family heirlooms, to named individuals.
  • Cash Gifts: You may choose to leave a fixed sum of money to a person or organisation. This is often referred to as a ‘pecuniary legacy.’

Charitable Bequests

Many people leave a lasting legacy by supporting causes they care about. You can leave a specific amount or a share of your residuary estate to a registered charity. This can also be tax-efficient, as charitable gifts in England & Wales are exempt from Inheritance Tax.

Conditional Gifts

You might want to include gifts that only take effect under certain conditions. For example, you may leave money to a grandchild that they can only access once they reach a particular age.

The executor of your Will is responsible for reviewing all gifts and bequests to ensure they are properly accounted for under the inheritance tax rules in England and Wales.

Important: The rules for gifts and bequests, and the implications on Inheritance Tax can be complex, professional advice is recommended when planning significant gifts or managing an estate. We have a network of specialist estate planners who can provide professional advice, please contact us at hello@adeus.life for a referral.

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