Making a Will is one of the most important steps you can take to ensure that your wishes are carried out after you die. It allows you to decide who will inherit your property, money, and possessions, rather than leaving those decisions to the intestacy rules that apply when someone dies without a valid Will.
Within a Will, you can include bequests, which are specific gifts left to people or organisations you care about. A bequest allows you to create a lasting legacy by sharing what mattered most to you in life, whether that is a family heirloom, a sum of money, or a contribution to a cause that reflects your values.
This article explains what bequests are, the different types you can make, and how to include them in your Will. It also covers what happens when a bequest fails and why it can be helpful to make additional legal arrangements, such as a lasting power of attorney.
What is a bequest?
A bequest is a gift left to a person or organisation in your Will. It can take many forms, from a treasured item to a financial amount or even a share of your remaining estate. By including bequests, you can make sure your personal belongings and assets go to the people and causes that matter most to you.
Bequests are not limited to large estates or significant sums of money. Even a small item can hold deep sentimental value, and leaving it to someone in your Will can be a meaningful gesture that brings comfort and connection to those you leave behind.
When you make a Will, you can specify exactly who will receive each bequest. This gives clarity to your loved ones, helps prevent misunderstandings, and ensures that your wishes are respected.
The difference between bequest and inheritance
Although the terms are sometimes used interchangeably, there is a subtle but important difference between a bequest and an inheritance.
A bequest refers to the act of giving something away in your Will. It is the instruction you make when deciding how your estate will be distributed. Inheritance, on the other hand, is what someone receives after a person’s death. In other words, a bequest is what you choose to give, and inheritance is what is received.
Understanding this difference can make it easier to communicate your wishes clearly and to make sure that your will reflects your true intentions.
Types of bequests in a Will
There are several different kinds of bequests you can include in your Will. Each serves a particular purpose, and choosing the right one depends on what you wish to leave and who you want to benefit.
Specific bequest
A specific bequest refers to a particular item or asset that you wish to leave to someone. It might be a piece of jewellery, a painting, a vehicle, or any other personal belonging. When you include a specific bequest, it is important to describe the item clearly so there is no confusion later on.
If a specific item no longer belongs to you at the time of your death, the bequest will usually fail. This is known as ademption. To avoid disappointment, you may want to review your Will regularly to make sure everything you have listed still reflects what you own.
Pecuniary bequest
A pecuniary bequest is a fixed sum of money left to a person or organisation. It can be as large or small as you wish, and it can be a thoughtful way to acknowledge friends, relatives, or charitable causes that are meaningful to you.
Because the value of money changes over time, it can be sensible to review pecuniary bequests every few years to ensure they still reflect the level of generosity you intend.
Conditional bequest
A conditional bequest is one that depends on a particular event or situation. For example, you may wish for someone to inherit an item or a sum of money only if they reach a certain age or if another condition is met.
Conditions should be worded carefully to make sure they are legally valid and realistic to carry out. A solicitor can help you ensure that any conditions you include are enforceable and will not cause confusion or disputes later on.
Charitable bequest
Many people choose to include charitable bequests in their wills as a way of supporting causes close to their hearts. This might involve leaving a fixed amount, a specific item, or a percentage of your remaining estate to a registered charity.
Charitable gifts in wills can also provide tax advantages. Gifts to UK-registered charities are usually exempt from inheritance tax, and leaving at least ten per cent of your estate to charity may reduce the overall tax rate applied to the rest of your estate.
Residuary bequest
After all debts, taxes, and specific gifts have been distributed, the remainder of your estate is called the residuary estate. You can choose to leave this remaining portion to one or more people or organisations. This type of bequest is often expressed as a share or percentage rather than a fixed amount, ensuring that each beneficiary receives a fair proportion of whatever remains.
A residuary bequest can be a practical way to make sure nothing is left undistributed, particularly if the value of your estate changes over time.
Are bequests taxable in the UK?
Bequests are not usually subject to income tax when they are received. However, inheritance tax may apply to the overall value of the estate if it exceeds the current threshold, which is set by the government. The executor of the estate is responsible for ensuring that any inheritance tax due is paid before distributing the estate to beneficiaries.
Charitable gifts are generally exempt from inheritance tax, and certain allowances and exemptions may reduce the amount of tax payable on the estate as a whole. A solicitor or financial adviser can help you understand how these rules apply to your personal circumstances.
How to include a bequest in your Will
Including a bequest in your Will is straightforward once you know what you wish to leave and who you want to receive it. Taking time to plan these details carefully can bring peace of mind and make things easier for those you care about.
1. List your assets
Start by making a list of everything you own. This includes property, savings, investments, vehicles, and personal possessions. Having a complete overview helps ensure nothing important is overlooked.
2. Choose your beneficiaries
Decide who you would like to include in your Will. These can be individuals, such as family members and friends, or organisations and charities. Think about what each person or cause means to you and what kind of gift feels appropriate.
3. Decide what to leave
Once you know your assets and beneficiaries, you can decide which items or sums of money to leave to each person or organisation. You can include specific gifts, cash amounts, or shares of your estate.
4. Consider conditions and alternatives
If you wish to attach a condition to a gift, make sure it is clearly written and legally sound. It is also wise to include an alternative beneficiary in case your original choice dies before you or cannot accept the gift. This ensures your wishes are still carried out.
5. Review your Will regularly
Life changes over time, and so do relationships and circumstances. Reviewing your Will every few years or after major life events, such as marriage, divorce, or the birth of a child, ensures your bequests remain relevant and up to date.
When bequests can become invalid
Although most bequests are straightforward, there are situations where a gift in a Will may fail or become invalid.
A specific bequest can fail if the item no longer belongs to you when you die. A bequest can also fail if the person you intended to receive it dies before you, and there is no alternative beneficiary named. Similarly, if a condition attached to a gift cannot be met, the bequest may not take effect.
In rare cases, a beneficiary may choose to decline a gift. This is known as disclaiming a bequest. The Will should make it clear what happens in such situations, so that the estate can still be distributed smoothly.
If you hold property or accounts jointly with someone else, those assets may pass automatically to the surviving joint owner rather than according to your Will. Understanding how joint ownership works can help you avoid unintentional conflicts between your Will and your other financial arrangements.
Why does it help to have a lasting power of attorney?
A Will sets out what should happen after you die, but it is also wise to think about who can make decisions on your behalf while you are still alive. A lasting power of attorney, often called an LPA, allows you to appoint someone you trust to make decisions for you if you are unable to do so yourself.
There are two main types of LPA. A property and financial affairs LPA gives someone authority to manage your money, property, and bills. A health and welfare LPA allows someone to make decisions about your medical treatment, daily care, and living arrangements if you cannot make those decisions yourself.
Having LPAs in place can prevent difficult family disputes, ensure your wishes are respected, and provide peace of mind that someone you trust will act in your best interests.
Making your wishes clear
Including bequests in your Will allows you to decide exactly how your estate is shared and to ensure that your values are reflected in the legacy you leave behind. Whether you wish to make small personal gifts, provide for loved ones, or support charitable causes, a well-written Will ensures your intentions are carried out clearly and respectfully.
If you are thinking about making or updating your Will, it can help to speak with a solicitor or to use a reputable Will-writing service. They can guide you through the process, help you phrase your bequests accurately, and make sure the document meets all legal requirements.
Taking the time to plan ahead is one of the most caring things you can do for those you leave behind. It removes uncertainty, offers comfort, and ensures your estate is distributed exactly as you wish.
