What are Will bequests?

Will bequests are specific gifts or assets left to individuals or organisations through a person’s Will. They can include money, property or personal items and are a way to ensure that your wishes are legally recognised after your passing. 

Understanding how to structure and include bequests in your Will is crucial for effective estate planning, helping to provide clarity and peace of mind for you and your loved ones. In this guide, we look at the different kinds of bequests you can include in your Will and how to prevent potential disputes.

What’s the difference between a Will and a bequest?

A Will is a legal document that specifies how you want your assets to be distributed after your death. A bequest, on the other hand, is a specific gift mentioned in your Will that you wish to leave to certain individuals or organisations, such as friends, family or charities. These gifts can range from cash and property to sentimental items like wedding rings or antiques.

How to write a bequest in a Will

When you write your Will, you’ll include bequests. You can have several bequests, and it’s important to be clear to help avoid any future disputes. Legal experts can guide you on how to write your Will with clarity.

First, list specific gifts like family heirlooms, jewellery, or sentimental items, clearly naming the recipient and describing each item clearly. Next, specify any cash gifts, stating exact amounts to individual beneficiaries. For the remainder of your estate, after paying all debts and specific bequests, outline how you want the residual assets distributed. This might mean dividing the total value equally among chosen beneficiaries like children or other relatives or allocating specific percentages to different people or charitable organisations.

Distributing your bequests

The executor of your Will is responsible for distributing your bequests after probate has been granted. If your affairs are complex, it may be wise to instruct a legal professional to handle the process.

What are the different types of Will bequests?

There are multiple types of Will bequests, each designed to suit different estate plans. 

• Specific Bequest: A gift of a particular item for a particular beneficiary. Clarity is crucial; for example, instead of saying, “I leave my necklace,” specify “I leave the silver pearl necklace that was gifted to me by my mother.”
• General Bequest: A fixed sum of money given to a particular beneficiary or beneficiaries. Example - “I leave £1,000 to my grandson Jack and £1,000 to my granddaughter Olivia.”
• Demonstrative Bequest: Similar to a general bequest, this type of gift provides a beneficiary with money. However, it also specifies the exact source of the funds. This could be a bank account, stock portfolio or sale of an item. Example - “I leave the sum of £10,000 to my son David to be paid from my Barclays Bank Account Number XXXXXXXXXXXX.”
• Conditional Bequest: Also known as ‘Contingent Bequests’, these require the beneficiary to meet certain conditions before they receive their assets. Example -“I leave £20,000 to my daughter Katie, providing she reaches the age of 21.”
• Reversionary Bequest: This sets out who is next in line to receive the gift if the beneficiary you originally named dies before you do. Example - “I leave my wedding ring to my daughter Katie. If she predeceases me, I leave it to my niece, Alice. Any inheritance tax due on this gift shall be paid from the residuary estate.”
• Charitable Bequest: When you donate your money or assets to a charity, political party or organisation. Example -“I leave £2,000 to Macmillan Cancer Support.”
• Residuary Bequest: This type of gift distributes the remaining value of your estate after all other bequests have been fulfilled and any debts and taxes have been settled. Example - “I leave the remainder of my estate to my wife.”

Please be aware that Inheritance Tax may be payable on the value of your estate upon your death. In your will, you can specify whether any non-residuary gift is to be given ‘free of inheritance tax’ or ‘subject to inheritance tax’.  If a gift is made ‘free of tax’, the inheritance tax due on its value is paid from the residuary estate, reducing the inheritance received by the residuary beneficiaries. Conversely, if a gift is made ‘subject to inheritance tax’, the beneficiary of the gift is responsible for paying the tax on the value of the gift they receive.

Preparing for potential bequest disputes

Your Will could be legally challenged if someone believes that you weren't mentally fit or were influenced by someone else while writing your Will.

Here are some ways to reduce the risk of disputes:

• Make sure you use a Will writing service that is regulated by the Solicitors Regulation Authority.
• Meet with your legal services provider alone to avoid claims of coercion.
• If you are elderly or could be considered mentally vulnerable, ask your doctor to write a report confirming you’re fit to make a Will.
• Make sure your Will is properly signed and witnessed to prevent fraud or forgery claims.
• If possible, discuss your wishes with your loved ones so there are no surprises and you have the opportunity to explain yourself.
• You can also include a “letter of wishes” to explain any controversial decisions, like excluding a close family member.
• Keep your Will under review in case your financial or personal circumstances change. If you're not sure whether your Will needs updating then always take legal advice so that you're making informed decisions.