Residuary legacy

The whole (or a specific portion or percentage) of an estate left over after making other specified legacies (typically to benefit family members, friends and other charitable causes). This type of legacy is the most valuable, as its value is unaffected by inflation.

Pecuniary legacy

The gift of a specific sum of money. The value of this type of legacy will decrease over time, however, it is possible to Index-Link the sum of money in order to preserve its value despite inflation. Your solicitor will be able to advise you on what wording to use to achieve this.

Specific legacy

The gift of a specific item which might be used by the University, either in its original format (for example - fine art, collection items or rare books) or that could be sold and any proceeds used to support the University (for example - property, land, shares, or financial products such as life insurances and pensions).

Reversionary legacy

Either a specific or pecuniary gift, or a residuary gift, that is left to another beneficiary in the first instance, but will revert to the University absolutely, usually after the initial beneficiary has passed away. This is a very common type of gift that couples or parents often consider, where a gift is set up as a Will Trust. The interest goes to the surviving spouse (or children) for their lifetime, and the University benefits from the gift on the spouse’s (or child’s) death. Occasionally, there can be second intermediary beneficiaries (children or grandchildren), too.

Contingent legacy

A gift dependent on the occurrence of an event which may or may not happen. For instance, a legacy which only applies if other beneficiaries named in the Will die before the person who made the Will.