Types of legacy

Here is a summary of the different types of legacy an individual could leave:

Pecuniary legacy – a specific sum of money left to County Durham Community Foundation.

Specific legacy – a gift of property or shares (for example) left to County Durham Community Foundation.

Residuary legacy – County Durham Community Foundation receives all or part of your estate after prior legacies (ie to family members) have been paid.

Reversionary legacy – ensures that, following the death of the surviving partner and only then, the balance of any estate would pass to County Durham Community Foundation.

Deed of variation – a deed of variation executed in favour of County Durham Community Foundation, no more than two years after your death, means that the family of the deceased can cut Inheritance Tax liability and provide a lasting benefit to local causes of special interest to you and your family.