Types of Gifts You Can Leave in a Will (and How They Work)

When planning your Will, it’s natural to think about the people and causes that mean the most to you. Your Will is more than just a legal document – it’s a way to express your love, gratitude, and values, ensuring that your legacy continues to support both your family and the charities that have touched your life. Whether you wish to pass on treasured heirlooms, financial support, or a lasting contribution to a meaningful cause, each type of gift plays a special role in shaping the future.  

There are several types of Wills, including simple Wills, which outline straightforward bequests, testamentary trusts, which protect assets for future beneficiaries, and Living Wills, which specify medical care preferences. Within these Wills, different types of gifts can be made. You may leave specific gifts, such as jewellery or property, pecuniary gifts, which are fixed sums of money, or residuary gifts, which designate a portion of your remaining estate after other commitments have been met. Some people choose conditional gifts, which take effect only under certain circumstances, ensuring their wishes are followed as intended. 

In this guide, we’ll walk you through the different types of gifts you can include in your Will, helping you make thoughtful decisions that reflect your deepest wishes. By considering a gift to a local charity, such as Hospice in the Weald, you can help ensure that compassionate care is available to those who need it most, creating a lasting impact that extends beyond your lifetime. 

Why Choose a Residuary Gift? 

A residuary gift ensures that your beneficiaries receive a proportionate share of your estate, rather than a fixed sum, meaning it retains its value relative to the overall size of your estate. This makes it a flexible option for leaving gifts. 

Flexibility and Fairness 

If your estate increases or decreases in value, your beneficiaries and chosen charities or organisations benefit proportionally. This ensures that loved ones and causes close to your heart are treated fairly. 

Example of a Residuary Gift 

You could leave 10% of your estate to a local hospice charity, ensuring their vital work continues to provide compassionate end-of-life care to those in need while also supporting your loved ones. 

Tax Efficiency 

A residuary gift to a registered charity is exempt from Inheritance Tax, reducing the taxable value of your estate. If you leave 10% or more of your estate to charity, your overall Inheritance Tax rate may be reduced from 40% to 36%. 

Why Choose a Pecuniary Gift? 

This type of gift is simple to arrange and ensures a specific amount goes to the designated beneficiary. However, it is important to consider inflation, as the real value of a pecuniary gift may decrease over time. 

Ensuring the Impact of Your Gift 

To prevent the effects of inflation reducing the value of your gift, you may choose to index-link it so that it increases in line with inflation. 

Example of a Pecuniary Gift 

You might leave £5,000 to a close friend or a local hospice, ensuring they can continue providing essential services and support to those in need. 

Why Choose a Specific Gift? 

If you own an item of sentimental or financial value, you may wish to ensure that it is passed to someone who will cherish it or to a charity that can benefit from it. 

Sentimental and Practical Value 

This type of gift allows you to ensure that heirlooms, valuable collections, or other items are placed in the right hands for future appreciation and use. 

Example of a Specific Gift 

You could donate a piece of artwork to a local hospice charity to be sold at an auction, the proceeds from which can provide support for patients and families. Alternatively, you might leave a classic car to a family member who shares your passion for motoring. 

4. Conditional Gifts: Gifts with Stipulations 

A conditional gift takes effect only if specific criteria set by the testator are met. These may include reaching a certain age, completing education, or achieving personal milestones. Such gifts provide financial support at key moments in a beneficiary’s life while ensuring the testator’s wishes are respected. However, conditions should be carefully worded to avoid legal complications or disputes. 

Why Choose a Conditional Gift? 

This type of gift allows you to set specific criteria that must be fulfilled before the gift is granted. This ensures that your wishes are fully honoured. 

Common Conditions for Gifts 

Conditional gifts are often tied to milestones such as reaching a certain age, completing an education, or achieving a life goal. For example, you might leave a sum of money to a grandchild on the condition that they graduate from university.  

Tax Benefits of Charitable Gifts 

Charitable gifts are exempt from Inheritance Tax, meaning your estate can reduce its overall tax liability while supporting important causes. If you leave 10% or more of your estate to charity, your Inheritance Tax rate may be reduced from 40% to 36%. 

Making a Meaningful Difference 

Even a small donation can have a significant impact, helping hospices and local charities provide essential care and support. This includes medical assistance, emotional support, and respite care for families. 

Example of a Charitable Gift 

A residuary gift to Hospice in the Weald ensures compassionate, expert care for patients and families facing terminal illness. This type of gift allows the organisation to continue offering free care to those in need. 

Making a Will for Free 

You can make a Will for free through several organisations that work with Hospice in the Weald. You can also write your Will online in under 15 minutes with solicitor support. These services allow you to create a legally valid Will at no cost, with the option to leave a gift to charity if you choose. 

• Make a Will Online – Write your Will online in minutes, with expert review to ensure accuracy. 
• Free Wills – A simple and accessible way to create a Will online for free. 
• Squiggle – Book an appointment with a specialist to receive guidance on Will writing. 

These services make it easy to ensure your wishes are legally protected while offering the opportunity to leave a lasting legacy to support hospice care. 

Protecting Your Will with Capacity Vault 

Planning for the future means ensuring your Will is secure and valid. Capacity Vault provides a permanent, verifiable video record of your testamentary capacity, proving you made your Will with full awareness and understanding. 

Benefits of Capacity Vault 

• Offers a modern, accessible way to safeguard your Will. 
• Particularly useful for those with complex family structures. 
• Provides reassurance and legal clarity, preventing potential disputes over testamentary capacity. 

Leaving a Lasting Legacy 

A well-planned Will is a meaningful way to care for your loved ones while extending kindness and support to those in need. By including a gift to a local charity, such as Hospice in the Weald, you can help provide compassionate care for patients and families facing life-limiting illnesses, ensuring they receive comfort, dignity, and support when it matters most. 

Take the next step today: Learn more about how your legacy can make a difference by visiting the Hospice in the Weald Gifts in Wills page, or speaking with a solicitor about including a gift in your Will.