If you want to be sure that, after your death, your estate goes exactly where you want, then you should make a will. This is the way to make proper provision for your family and friends.
When you have reviewed the assets which you own and the obligations which you feel you have, you may think that you are in a position to benefit one or more charities through your will.
No inheritance tax is payable on gifts to charities, so there is a clear tax advantage in making such gifts. If you have been the beneficiary of a will in the last two years, you can make a deed of variation directing funds to the Foundation. This may also save inheritance tax.
There are a number of forms of gift by will which you can use:
Pecuniary Legacy
This is a fixed amount specified in your will. It is free of tax, which adds considerably to the value of your gift. If you wish to make a pecuniary legacy please download the form (Word document).
Gifts of Shares or Property
These are exempt from capital gains tax and qualify for income tax relief.
Residuary
This is the remaining value of your estate when all other bequests to family and
friends have been made.
Reversionary
This allows the surviving partner to benefit from your estate during his or her
lifetime and then for the balance of the estate to be passed to the Foundation.
Keeping a will up to date
It is important to review your will provision after a change in your circumstances, perhaps through the death of a near relative or the purchase or sale of property or business. It is possible to make a new will at any time, or to make alterations by codicil to an existing will.
Please contact Andy Beeforth to discuss how we can help you.
updated 30.08.2006