There are several types of legacy that you can consider in order to remember the Cotswold Canals Trust in your will.
Residuary Legacy – this comes out of the remainder of your estate after all other legacies, debts, taxes and expenses have been paid.
It may be the whole or simply a part of the residual amount.
Whilst all legacies are of enormous value to The Cotswold Canals Trust, this type of legacy has special benefits in that it keeps pace with the increase in the value of your estate thereby offsetting the effects of inflation.
If you do not specify how you would like the residue to be disposed of the Government will decide where it is to be paid out.
Pecuniary Legacy – this term describes the bequest of a specific sum of money.
To ensure that the value of your gifts reflects your changing circumstances and the effects of inflation, you should review the amounts of your pecuniary legacies regularly.
Pecuniary legacies can be index linked so that the value of the gift increases with inflation.
Otherwise, the value of the bequest will decrease over time, as the cost of living increases.
Specific Legacy – this could be gift of a particular item, e.g. a piece of land, property or shares.