TYPES OF LEGACY
A PECUNIARY LEGACY
To leave a fixed sum of money in your Will
EG: You would need to include the following instructions in your Will:
“I give to World Prayer Centre of PO Box 17971, Birmingham B2 2NY, Registered Charity number 1072222, the sum of £ ______(in figures) and (in words) absolutely for its general purposes, and I direct that the receipt(s) of the Director of Finance or the other duly authorized officer shall be sufficient discharge to my executors”
A SPECIFIC LEGACY
For a specific item such as a piece of antique furniture, or your house.
EG: In this case, the following instructions would be needed:
“I give to World Prayer Centre of PO Box 17971, Birmingham B2 2NY, Registered Charity number 1072222 my (description of property) absolutely for its general purposes, and I direct that the receipt(s) of the Director of Finance or the other duly authorized officer shall be sufficient discharge to my executors”
A RESIDUARY LEGACY
For what remains of your estate once family and friends have benefitted and debts have been cleared.
EG: The following instructions would be needed in your Will:
“I give all (or a share) of the residue of my estate to World Prayer Centre of PO Box 17971, Birmingham B2 2NY, Registered Charity number 1072222, the sum of £______ and I direct that the receipt(s) of the Director of Finance or the other duly authorized officer shall be sufficient discharge to my executors”
PLEASE NOTE:
If you give more than 10% of your estate to charity a reduced rate of Inheritance Tax will apply if your estate is liable to tax.
We do strongly recommend that you discuss your Will with a solicitor to make sure that your wishes are clearly set out and anyone else properly provided for.
If you would like a confidential chat to discuss making a Will in more detail please do call us on 0121 633 7393.