A properly drafted will provides peace of mind for the person making it whilst a poorly drafted will can cause all sorts of trouble, especially if someone challenges it. That’s why whether you’re the person drafting a will or the person that may be benefiting from one, it pays you to understand the concept of ‘legacy’ or ‘legacy gifts’.
In this short article, one of Jackson Lees’ expert Wills & Contentious Probate Solicitors, Danielle Blaylock, unpacks legacies to help you get to grips with where you stand as a giver of receiver of a legacy gift.
If you need help right now to draft your will or if you have an issue with a will that you believe to be incorrect, you can contact Danielle to find out where you stand.
What is a legacy gift in a will?
A legacy gift (or legacy for short) is simply some asset that is left to a beneficiary in someone’s will. Legacies come in one of three basic forms:
- Pecuniary
You may be left a specific amount of cash/money when a loved one dies.
- Specific
You may be gifted specific tangible assets, like a house, jewellery, vehicles or family heirlooms.
- Residuary
The will may stipulate that you get whatever is left after the money and specific gifts have been handed out and all debts and taxes have been paid from the estate.
There may be conditions attached to your legacy
You should know that a legacy can have conditions attached to it or be contingent on something happening.
For example, a will may instruct that a legacy is only made available when the beneficiary turns a certain age. A will can also contain a trust or reversionary aspect where, instead of receiving a legacy for life, you have the right to use an asset during your lifetime. Then, upon your death, that asset reverts to the estate to be passed to an ultimate beneficiary. This is most common when someone is given the right to temporarily occupy a property for their lifetime, that is ultimately left as a legacy gift for someone else.
What does this mean for people receiving a legacy gift?
Sadly, and too often we see situations where a legacy gift fails to get to the right person because of a poorly drafted or out of date will. Beneficiaries or people who know they should have been a beneficiary are then left disappointed and questioning what they can do to find out where they stand.
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, our team of expert Will Dispute Solicitors can help you get to grips with where you stand. The passing of a loved one is never easy and if you feel hurt or wronged by a will that has not played out as everyone expected, you should not delay but should speak to us confidentially.
How can people writing a will make legacies stick?
The simple fact is that you can avoid will disputes by getting the detailed drafting of legacy gifts right. It’s all in the detail and it’s the main reason we strongly recommend having your will drawn up by an expert.
Our team will discuss each will clause and legacy gift with you to ensure that they are clear and legally watertight. By understanding the spirit and ramifications of each provision in the will we can maximise the chances of your will giving proper effect to your wishes. We’ll help you choose the right type of legacy to ensure you get will clauses that suit your wishes and the needs of the beneficiary.
If you’d like to discuss the drafting of a will with one of our specialist Wills & probate solicitors, or if you’d like to challenge a will and need the help of a Contentious Probate solicitor, then please give us a call on 0151 282 1700, request a call back at your convenience or message us with your enquiry.