There are several different types of gifts you can leave in your Will. Your solicitor can advise you which types may be best for your individual circumstances.
- Residuary gift – a percentage of your estate after debts have been paid and other gifts made. 5% of a £430,000 estate could cover the lifetime cost of a working assistance dog, from training to retirement.
- Pecuniary gift – this is a gift of a fixed sum of money. A gift of £3,500 could pay for the cost of a puppy’s first year.
- Specific gift – a particular item such as jewellery or a painting.
- Contingent gift – a gift that is dependent upon an event that may or may not happen. For example if you outlive one of your beneficiaries, their gift would instead pass to someone else.
- Life-interest gift – a gift that would benefit someone during their lifetime but would then pass to someone else. For example a house could be left to a relative to live in during their lifetime but would then be sold to benefit a friend or charity.