A legacy is one of the simplest and most flexible ways of giving and can also provide valuable tax benefits for donors.
There are three main types of legacy:
Pecuniary legacy: This is a fixed sum of money. The limitation of this type of gift is that its value decreases with subsequent rises in inflation.
Residuary legacy: This can be a bequest of the remainder, or a proportion of the remainder, of your estate after other legacies, Inheritance Tax, debts and expenses have been paid.
Specific legacy: This can be a bequest of specific personal assets, such as property, stocks and shares, or art, antiques and books. If you are considering leaving a collection of material that may be added to the British Architectural Library, we would welcome the opportunity to discuss your plans before you commit them to your will.
Please download our suggested wording guide, which may be helpful in the drafting of your Will.
However, it is strongly recommended that you also take professional advice to ensure that the legacy conforms to your personal circumstances and is correctly expressed to reflect your intentions.