A legacy to charity in your Will is a lasting memorial to your generosity and concern for others. It can make a huge difference to the ongoing work of charities like Christian Partners in Africa where every penny counts.
Charitable legacies and tax
Inheritance Tax comes as a shock to many families who believe that “death duties” are only paid by the very rich. In fact, the general rise in home ownership and property values over recent decades has meant that more and more ordinary people are liable to Inheritance Tax.
However, any legacy which you leave to charity in your Will is free from Inheritance Tax. That means you can do more for the causes you believe in, and lose less to the taxman!
Types of legacy
Leaving a legacy is much easier than you think. If you have not yet made a Will then you can leave a Legacy to Christian Partners in Africa in your Will.
There are several ways to leave legacies to people or organisations in your Will. The most straightforward are Specific or Pecuniary legacies, by which you leave either a particular item or a sum of money to your chosen beneficiary.
If you have already made a Will, you can simply contact your Solicitor and advise them that you wish to add Christian Partners in Africa as a beneficiary and they will do the rest (Solicitors normally charge between £50 and £100 to make changes to your Will).
After all the legacies you have detailed, and any debts or expenses have been paid, everything that is left of your estate is called the Residue. With a Residuary legacy you may leave someone the whole of the Residue of your estate or divide it amongst a number of people and organisations or charities.
Some people also make use of a Reversionary legacy to leave money or property to one person for their use during their lifetime, after which it ‘reverts’ to another beneficiary. For example: “My house to my sister to live in during her lifetime, then to be sold and the proceeds to Christian Partners in Africa.”
If you wish to leave a legacy to Christian Partners in Africa, your Solicitor will need to know that this is the form of words usually used:
“I give (describe your legacy in detail) to Christian Partners in Africa, 15 Newland, Lincoln, LN1 1XG, Charity No. 1043695, and declare that the receipt from an Officer of the Charity for the time being shall be sufficient discharge to my Executors.”
If you would like to discuss this in more detail either on the phone or in person then please feel free to contact the office on 01522 275072 and we will arrange for one of the Directors to talk with you.