You can use this deed of variation to change how gifts of assets, money or the remainder of the estate are to be distributed. Gifts of assets (also known as ‘specific gifts’) are gifts that relate to specifically identifiable property (eg a piece of jewellery). Gifts of money (also known as ‘pecuniary legacies’) are gifts for a set amount of money. Gifts as to the remainder of the estate (also known as 'a share in the residuary estate', ‘residuary gift’ and 'gifts of the residuary estate') relate to the remainder of the estate after all the other gifts have been distributed and any debts and inheritance tax has been paid. Such residuary gifts are often the biggest share of the estate and the remainder of that which has not been dealt with in another part of the will. For more information, read Elements of a will.