Wills
In
English

Will Writing Service covering Oxford, Reading, High Wycombe and the surrounding area

Wills In
English

Will Writing Service covering Oxford, Reading, High Wycombe and the surrounding area

Professional Will Writing Service

& Lasting Powers of Attorney

in

Buckinghamshire, Berkshire, Oxfordshire

 

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Definitions - Gifts and Legacies

 

A Legacy is a Gift resulting from a Will.

 

Types of Gifts:

 

Demonstrative - A demonstrative gift is one from a specified source. An example is money from a specified savings account.

 

Devise - A devise gift is property. An HMRC definition (IHTM12082) is 'real or immoveable property'.

 

Pecuniary - A pecuniary gift is a sum of money.

 

Specific - A specific article, a gift of a particular asset of personal estate.

 

More than one of these terms can apply to a gift, for example a sum of money from a specified account is both Pecuniary and Demonstrative.

 

In the case of a demonstrative gift, if there are insufficient funds in the specified source the balance is paid from the general estate, unless otherwise instructed in the Will.

 

Gifts within 7 years of the Will coming into effect are within the scope of the Inheritance Tax calculation.

 

The above is a top level summary, more detail on how these terms are used for Inheritance Tax purposes can be found at this link to the HMRC Inheritance Tax manuals.

 

Wills in English
Giving effect to your wishes

 

Edward Briscoe MPIW,
3 years post qualification experience
Level 2 certificate in Dementia Awareness
Wills in English, Bakery Lodge, Skirmett, RG9 6TD.
5 miles from M40 jn 5, Stokenchurch. I come to you unless you prefer otherwise.

01491 638075, 07962 157843, edward@willsinenglish.com, Contact Form.

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