A legacy is a gift left to someone in a will. The word is often used interchangeably with "bequest" or simply "gift". In everyday language, leaving a "legacy" also means the lasting impact you have on the world. See our will writing glossary for related terms.
Types of legacy
Pecuniary legacy
A gift of a specific sum of money: "I leave £10,000 to my daughter." This is the most common type of legacy.
Specific legacy
A gift of a particular identified item: "I leave my engagement ring to my granddaughter Sarah."
Residuary legacy
A gift of what's left after all other legacies, debts, and expenses have been paid: "I leave the remainder of my estate to my children equally."
Demonstrative legacy
A gift from a specific fund or source: "I leave £5,000 from my Premium Bonds to charity."
Charitable legacies
A charitable legacy is a gift to a registered charity in your will. These are exempt from inheritance tax and can help reduce the tax rate on the rest of your estate if they amount to at least 10% of your net estate.
Things to consider when leaving legacies
- Inflation can reduce the real value of pecuniary legacies over time
- Consider leaving percentages rather than fixed sums if your estate value might change
- Make sure you identify beneficiaries clearly (full names, relationships)
- Consider what happens if the beneficiary dies before you
- Be specific about items to avoid confusion