Forms of Legacy
Bequests can take several different forms. The four main forms of legacy are:
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A Pecuniary Gift
A Residuary Gift
A Non-Monetary Gift
A Reversionary Gift
A Pecuniary Gift
A pecuniary gift is generally the simplest form of legacy. It allows you to leave a specific
sum of money to a specific beneficiary. The gift can be a defined figure that does not
change with time or you may instruct your trustees to take account of the impact of
inflation.
A Residuary Gift
As the term implies, a residuary gift refers to a gift that relates to the residual value of
your estate once all debts, fees and any pecuniary legacies have been paid. In this
case, you may choose to give the whole of the residuary estate to one individual or
institution, or you may wish to divide the residuary estate between several beneficiaries.
A Non-Monetary Gift
As well as monetary donations, non-monetary legacies may be left to the University in
the form of, for example, property, stocks, works of art, copyright revenues or any other
valuable item. Wills that include such legacies need to be reviewed each time you sell
any of the assets listed in your Will.
A Reversionary Gift
A reversionary legacy enables you to pass your estate, or specific assets of your estate,
to named individuals who will benefit throughout their lifetime. Following their deaths all,
or some, of the estate is then passed to the beneficiaries as specified in the reversionary
legacy. For example, property may be left to a spouse for his/her lifetime and then
bequeathed to the University after his/her death.
Defining How Your Legacy is Used
Some benefactors choose to make a donation to Swansea University for a
particular purpose. For example, they may wish to support:
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Research undertaken by a particular department
Students facing particular disadvantage
Building or infrastructural needs
Sports facilities
Prizes and awards for students or staff
The on-going costs of running the University
In most cases, we can meet such wishes. However, as you consider how you would like
your legacy to be used, please bear in mind that needs may change over time. For
example, changes in government policies may see an increase or decrease in funding
for important elements of the University’s work. Equally, new courses may be
introduced and some courses may need to be revised. If you would like to make a
legacy for a specific purpose, please discuss your plans with us so that we can ensure
that your wishes are met in future.
Examples of Wording for Bequests Made in a Will
If you decide to make a bequest to Swansea University, the following wording could be
used in your Will:
Pecuniary Bequests
1. I give free of tax to Swansea University (‘the University’) the sum of £_______
and I express the wish (but without imposing any binding obligation) that the
money be used for …….. (details of intended purpose).
2. I give free of tax to Swansea University (‘the University’) the sum of £_______ to
be held for the general purposes of the University absolutely
Non-Monetary Gifts
I give my ………… (full description of item and its location) to Swansea University.
Residuary and Reversionary Gifts
Given the complexity of residuary and reversionary legacies, we suggest that you
contact a legal advisor to discuss legacies of this nature.
Important Clause
Whichever wording is used, it is important that the following clause be
inserted in the Will:
‘I declare that the receipt of the person who professes to be the Director of Finance
or Treasurer or other proper officer for the time being of the University shall be a
sufficient discharge to my (Trustees) (Executors). I further declare that if before my
death (or after my death but before my (Trustees) (Executors) have given effect to
this gift in question) any other charitable or other body to which a gift is made in this
my Will has changed its name or amalgamated with or transferred all its assets to
any other body then my (Trustees) (Executors) shall give effect to this gift as if it has
been made (in the first case) to the body in its changed name or (in the second
case) to the body which results from such amalgamation or to which the transfer
has been made.’