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 Ė a sum of money
Specific Ė property, shares, jewellery, works of art and other items
Residual Ė 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. Donít 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 isnít 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 itís 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.