What exactly is a legacy gift? And why is it so important to understand the various forms they can come to you in? Contentious probate solicitor at Jackson Lees, Danielle Blaylock, explains where you stand with your legacy gifts.
Wills are fantastic for providing peace of mind that all of our assets will be taken care of when we pass. Most importantly, they provide us an opportunity to bring our loved ones some comfort with a legacy gift.
In its most simple form, a legacy is something left to you under someone’s Will. Once we dive in a little deeper, we realise a legacy gift can come in many forms. It can be something as valuable as money or property, or it can be something smaller that holds significant sentimental value. Whatever form it takes, they almost always bring great comfort knowing that you were considered in your loved one’s Will.
The different types of legacy
The most common types of legacies are pecuniary, specific and residuary. Pecuniary legacies refer to those that relate to or include money. This is often a sum of money that has been expressly left to you by a loved one after they pass. A specific legacy or a specific gift refers to an asset or assets in their estate that has expressly been left to you. This could be jewellery, property, heirlooms, or anything else in the testator’s possession when they pass. A residuary legacy refers to whatever is left after the pecuniary and specific gifts have been handed out and all debts and taxes have been paid.
Depending on the type of legacy, it may also have conditions attached to it or be contingent on something happening. For example, the Will may instruct that you only receive your legacy upon turning a certain age, or that it is left to a specific group of people. This often means that until the estate is administered, it is not known how much you will receive.
A Will may also contain a Trust or reversionary aspect where, instead of receiving a legacy, you have the right to an asset during your lifetime that, upon your death, reverts to the estate to be passed to the ultimate beneficiary. This is most common when someone is given the right to occupy a property, but ultimately this property is left to someone else.
It’s all in the details
The biggest risk here is that if a Will is drafted incorrectly, or not enough care has been taken to explain the details to the person making their Will, the legacy can wind up being invalid, resulting in all kinds of ramifications and disputes.
Careful drafting is always required when specifying a legacy as the asset may no longer exist at the time of death, or the clause may not actually give effect to your wishes. Worse still, it may give away too much resulting in someone else losing out.
The key is to have a professional draft your Will. They can discuss each clause and legacy with you to ensure that they give effect to your wishes and you understand the ramification of each provision. It might be that a different type of legacy better suits your wishes and the needs of the beneficiary.
Sadly, too often I see situations where a legacy fails and falls to someone the deceased did not intend it to. Unfortunately, beneficiaries are then left disappointed and questioning what they can do.
Whether you just need clarity on a legacy that has been left to you, or you’d like to discuss your options to open a dispute, my team and I can help you know where you stand. The passing of a loved one is never easy and if you feel hurt or wronged by events that haven’t gone as expected, you can speak to us confidentially.
If you would like to talk to one of our empathetic specialist advisers, you can call us free on 0808 296 3258 (also free to call from mobiles) or email enquiry@jacksonlees.co.uk. Alternatively, visit our website www.jacksonlees.co.uk
A flexible service
At Jackson Lees we understand that knowing where you stand is one of the most important things. In cases where things haven’t gone as you’ve expected, we can help you get clarity. We will provide you with expert, professional and sensitive legal advice, helping you deal with a wide range of civil litigations matters including dealing with Will disputes and contentious probate.
What Jackson Lees can do for you…
• We have empathetic and experienced litigators to help you know where you stand
• Three local offices to choose from:
o Hoylake 0151 601 8797,
o Heswall 0151 909 2785,
o Liverpool 0151 909 5766
• We also offer assistance if you are in a dispute regarding inheritance
• We offer a range of funding options, including Conditional Fee Agreements
• We can meet you at any office, as well as virtually
Let Jackson Lees make things a little easier for you and your family.
Contact our Wills, Trusts & Probate team to book an appointment or to chat through your requirements. Call us free from either a mobile or landline on 0808 296 3258.
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