Types of legacy
There are a number of different types of legacy that you can leave to the King Edward's School Birmingham Trust, depending on your circumstances. The most common three are Residuary, Pecuniary and Specific Legacies.
A Residuary Legacy leaves all or part of your estate remaining after all other bequests have been made and expenses have been met. This is the safest way to ensure your legacy retains its value.
A Pecuniary Legacy leaves a specified, set sum of money. You can index link the amount to the Retail Price Index to avoid the problems associated with inflation.
A Specific Legacy leaves a specified possession which you gift to the Trust. This may be in the form of property, valuables, works of art or stocks and shares.
There are a number of other types of legacies that you can give and your solicitor will be able to advise you of these in more detail.