Many of us like to include legacies (gifts) in our Wills whether to family, friends, executors and /or to charities.
Legacies can be general (usually an amount of money) or specific (particular assets you own such as jewellery) Including a legacy in a Will may seem straightforward but there are issues which should be considered.
What is the priority?
Legacies take priority and are paid before the remainder of an estate is distributed. You may include a gift of £100,000 to your grandson on the basis that you were worth £500,000 when you made your Will and specify that your daughter should receive the remainder of your estate. However, if your net worth was £150,000 by the time of your death, would you still wish for your grandson to receive £100,000 if your daughter…