WOMENAID µ INTERNATIONAL |
LEGACY INFORMATION |
|
You may wish to benefit WomenAid in your Will. Inheritance Tax is chargeable at a flat rate of 40% on all chargeable transfers in excess of £140,000, so if your estate is large enough there may be a tax advantage in leaving money to WomenAid. A gift of £1,000 might only cost your estate £600 by reducing Inheritance Tax liability. A charitable bequest is a particularly appropriate form of giving as it allows people to continue to do good. As a supporter of WomenAid you may wish to support an area of work which you feel is very important by leaving a generous gift. There are a number of different ways you could bequeath your money to the charity. Each has particular advantages and disadvantages which you should consider. A PECUNIARY LEGACY is the gift of a specific sum of money....'I bequeath to WomenAid the sum of £25 or £250 or £25,000.' Most legacies are given in the form of a pecuniary legacy. A pecuniary legacy is a straightforward way of making a bequest, but it does not allow for inflation and consequently WomenAid may benefit much less than you originally intended or would wish.I bequeath to (Registered charity number 299224) free of tax the sum of £................................................................................. to be applied to the general purposes of the Charity and I direct that a receipt of the Director or other authorised officer for the time being of the Charity shall be a good and sufficient discharge to my Executors for the payment of this legacy. A RESIDUARY LEGACY is the residue of an estate is the amount left over when all pecuniary legacies and other gifts have been made and after deducting the expenses of administering the estate and any Inheritance Tax that is payable. You can leave the whole of the residue to WomenAid or just a share of the residue. The major advantage of a residuary legacy is that its value will normally increase with inflation. This means that the beneficiary will not lose out. However, a residuary legacy is not as simple as a pecuniary legacy, and it requires you to think slightly more deeply when constructing your Will. I devise and bequeath ....................................................................................(insert ‘all’ or whatever fractional share of your estate you wish to bequeath) of the residue of my estate absolutely to WOMENAID INTERNATIONAL 3 WHITEHALL COURT LONDON SW1A 2EL (Registered charity number 299224), hereinafter called the Charity, such sum to be applied to the general purposes of the Charity, and I direct that a receipt of the Director or other authorised officer for the time being of the Charity shall be a good and sufficient discharge to my Executors for the receipt of this bequest. A SPECIFIC BEQUEST can be made of specific items from your estate. For example, you might want to bequeath some or all of the following: your house, car, furniture, jewellery, stocks and shares, bonds or even the benefit of a life insurance policy. It is important that the assets are clearly described in your Will, otherwise problems might arise. I bequeath to WOMENAID INTERNATIONAL 3 WHITEHALL COURT LONDON SW1A 2EL (Registered charity number 299224) free of tax (clear description of the item to be bequeathed) with the full power to realise such assets and to apply the proceeds to the general purposes of the Charity, and I direct that a receipt of the Director or other authorised officer for the time being of the Institute shall be a good and sufficient discharge to my Executors for the receipt of this bequest. A REVERSIONARY LEGACY bequeaths the income from all or part of your estate to some person (who is known as the ‘life tenant’). And when that person dies, the estate passes to a reversionary beneficiary, which may be WomenAid. There may be circumstances in which a reversionary legacy is appropriate - for example where you wish to leave someone an income during their lifetime but also wish the money to pass to WomenAid when they die. AN INVESTMENTYour generous bequest would be an investment in the future of the Women of the World WHY MAKE A WILL? ~ CODICIL FORM ~ BACK TO SUPPORT
WOMENAID |
INTERNATIONAL