This is very interesting for me to read as I was trying to explain to my mother who has just made her will at 78. The girl who did it for her was very young and gave mum an house valuation of 200,000 off a property site. In reality I think it is more likely 150,000 >> 160,000 (it’s old, no central heating and not modern in decoration or fittings).
However, based on the valuation she has left gifts of £20,000 each to her 3 grandchildren (60,000).
100% of residual estate to myself.
Although I can see this is viable and legal. I would have thought that with the gifts being such large amounts that either all estate would either be put as percentage shares or all estate would be put as fixed cash legacies.
Hi Sharon and thanks so much for your comment. An interesting query. As per our post, it is generally considered ‘good practice’ to use legacies as relatively ‘token’ amounts. Relative is the key of course, as a £60k legacy in one estate might be huge, but modest in another (ie depending upon the overall value of the total estate. The worry is that is the estate dwindles (eg care costs) the risk is that the residuary estate available (after payment of the specific legacies) may reduce or even disappear altogether. I guess the thing to do is to make sure that your mother is aware of this. Thanks again for reaching out Sharon. Best wishes from Team QLAW!
