What is a Legacy?
A legacy is simply a gift made under a Will. It comes into effect only after your lifetime. You can change the Will at any time during your life to reflect your changing priorities.
There are 3 types of legacy:
Pecuniary - a sum of money
Specific - property, shares, jewellery, works of art or other items
Residual - the balance of your estate in whole or part after satisfying other legacies and expenses