Making the most of your Will

Residuary

This takes into account the effects of inflation on your gift by permitting you to stipulate the proportion or percentage of the balance of your estate you would like to give to the Latymer Foundation after other expenses and gifts have been paid for. This is an attractive method as it maintains the stated percentage of your estate that you have gifted to the Latymer Foundation, other charities, family, friends, etc. This type of bequest protects each party equally against a decline in the value of your estate as well as allowing all to enjoy any gains in your estate over time.

Pecuniary

A monetary bequest where you specify a specific sum that you would like to give to the Latymer Foundation.

Specific (or a Bequest in Kind)

A gift from your personal possessions such as stocks and shares, land or works of art.

Reversionary

This allows named persons to benefit from assets during their lifetimes, after which the assets are transferred to the ultimate beneficiary.

MAKING YOUR FIRST WILL

If you have not yet made a will, you might wish to contact a solicitor for advice. If you do not have a solicitor, The Law Society can advise of firms in your area; telephone +44 (0)20 7242 1222 or visit their website: www.lawsociety.org.uk

The Society of Trusts and Estate Practitioners (STEP) also has details of solicitors in England and Wales who specialise in this area; telephone +44 (0)20 7838 4890.

ADAPTING AN EXISTING WILL

We suggest that you check with your solicitor regarding any alterations to your will.

Please click here for an example of a codicil and some guidelines.