How to leave a legacy?
Making a will
Making a will is not as complex or as expensive as you may think, but because it is a legal document we strongly recommend that you get full advice from a solicitor.
Doing this will guarantee that your will is legally correct and that all your requests are carried out.
If you don’t know a solicitor and don’t know whom you can contact, visit www.lawsociety.org.uk, for an online directory of solicitors. Your local Citizens’ Advice Bureau can also provide you with a list of solicitors in your local area.
Updating a will
Over your lifetime your circumstances may change, this in turn could result in you needing to update your will.
It is easy to make a new will where your circumstances have changed considerably, but for minor changes you may just need to add a Codicil. A codicil is simply an added piece of information, for example an additional gift you would like to leave.
Again we strongly recommend that you consult a solicitor for this work.
Types of legacy
• A share or percentage of your whole estate (a residuary legacy). However your financial circumstances change, the percentage of the estate received by each person will remain the same.
• Fixed amount of money (a pecuniary legacy).
• A specific gift or bequest such as property or land.
It is worth talking through the options available with a solicitor so that you are happy with what you are leaving and how it will be worked out.