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Types of legacy
There are many different types of legacies but these are the ones most people choose:
Residual bequest
This is all, or a percentage of your estate once all other commitments, such as bequests to your family, have been met .This type of legacy is the most valuable to us as it is protected against loss through inflation.
Pecuniary bequest
This is a fixed sum of money in your Will. The value of pecuniary legacies will decrease over time; for example a sum of £100 pledged in 2008 would be less valuable when received 20 years later due to rises in the cost of living.
Specific bequest
This is a specific item left as a gift in your Will; for example a piece of jewellery, painting or a piece of art.
