WHAT IS THE DIFFERENCE BETWEEN A PECUNIARY, RESIDUARY AND A SPECIFIC BEQUEST?
A pecuniary legacy is a fixed sum of money or a defined share with others of a fixed sum of moneyIt is worth noting that pecuniary bequests tend to decrease in value over time due to rises in inflation and need to be reviewed in order to maintain their original intended value.It is also possible to index link a pecuniary legacy to ensure that the legacy maintains its intended value. A residuary legacy is the gift of the remainder of your estate (or a percentage or fraction of the remainder) after all other gifts to friends and family have been distributed and all costs and expenses, such as the funeral account, have been dealt with. If you leave your whole estate as a gift, this is also known as a residuary legacy. A residuary legacy’s value increases or reduces according to the value of the estate in line with inflation. A specific bequest refers to the gift of a particular item of value, other than money, that has been left in your Will, for example, stocks and shares, property, life
