There are three types of gift that you can leave via your Will:
- Pecuniary Legacy – a gift of a sum of money e.g. “I give £ 100 to X”
- Specific Legacy – a gift of a particular item e.g. “I give my gold ring to X”
- Residuary Legacy – a gift or legacy passing the remainder of your estate not otherwise disposed of by the Will.
Any legacy or gift that fails for whatever reason falls into residue unless substitutional provisions are included.
A gift or legacy will fail if the beneficiary dies before the testator.