Legacies
Leaving a gift to the Friends in your Will is a way of making a lasting contribution towards the work of the Wisdom Hospice for the people of Medway and Swale.
Many people are unaware of the tax advantages
of leaving money to a charity. All gifts to charity made in a Will are
exempt from Inheritance Tax and will ease the tax burden on your
personal beneficiaries.
What is a Legacy?
A legacy is a legal term meaning a gift
made under a Will. A Legacy comes into effect only after a person has
died. There are three types of Legacy:
Pecuniary – a sum of money
Specific – property, shares, jewellery, works of art and other items
Residual – the balance of an estate in whole or part after satisfying other Legacies and expenses.
How do you leave a Legacy in your Will?
When making a gift
to a charity in your Will you should be careful to identify an existing
charitable organisation. Don’t name the general purpose or use a loose
description of the charity as in these cases the gifts may fail or cause
complexity for your executor. Where possible quote the registered
charity number e.g. I give the sum of £1,000 to the Friends of the
Wisdom Hospice, registered charity number 284894.
What is the Residuary Estate?
The Residue is what is
left of your Estate after the deduction of specific gifts, debts,
legacies, tax and the expenses of administration. You must make a
Residuary gift in your Will otherwise you will die partially intestate.
This means that any specific gifts and legacies can be distributed
according to your wishes but the remainder of your property, which makes
up the Residue, will be distributed under the rules of Intestacy. This
could result in a distribution you may not have wanted. Your Residuary
Gift can be given to any number of beneficiaries but if it is given to
more than one you must state the share of the Residue that each
beneficiary is to receive, whether equal or otherwise.
Why should I bother making a Will?
Most people believe
that their family will receive all their possessions whether they write a
Will or not, but this isn’t always the case. When you die without
writing a Will, known as Intestate, your affairs are distributed
according to the rules of Intestacy and in some cases your Estate may go
to the Crown instead of to the people you would wish to benefit.
Writing a Will lets you take control of your affairs and prevents your
loves ones from being burdened with the difficulty of sorting out your
Estate after your death, plus it’s a good chance to do something
worthwhile and let charities get some benefit.
For more information on leaving a gift to the Friends in your Will please contact Martyn Reeves on 01634 831163.
Why not consider making your Will with WSL? For every referral they receive £50 will be donated to The Friends. WSL is a specialist Will writing company established in 1992.
Findon Legal Consultants will make a 10% donation to the Hospice for every Will that is made.
