Use Will power to help keep the Door Open in Morningside, Edinburgh
Everyone knows that they need to plan for their future. No matter what your age, a Will is an important part of this. During your lifetime, you may donate to a charity that means something to you. A natural extension to this idea of giving, and making a difference, is considering whether you would like to include a legacy as part of your Will.
Did you know that by leaving a legacy to a charity, you can reduce the amount of your estate on which your relatives would be liable to pay Inheritance Tax? This is because charities are entitled to some tax concessions on Inheritance Tax.
What type of legacy?
Your solicitor will give you all the help you need in drawing up the exact wording of your Will, but you may want to think about the different legacy options before you go along.
A Specified Gift of Money
This is what’s called a Pecuniary Legacy and is one of the most common types. With this, the Testator (the person making the Will) just outlines what sums of money they would like to leave to specified individuals or charities.
A Residual Legacy
It is becoming increasingly common for people to leave to charity what is left of their Estate after specified legacies have been deducted. The portion of the Estate, which is left over, is called the Residue. This means that family and friends can be remembered while the Residue &– which is impossible to assess accurately at the time of making the Will – is used in a way which will benefit numerous people. It is also possible to bequeath fractions of the Residue among family and charities as you see fit.
This is used if you wish to make some provision for specific individuals but would like to direct that money to another cause, such as a charity, should that individual happen to die before you. Wording for this can vary considerably and your Solicitor can give you the best source of advice.
Leaving a legacy for The Open Door adds a valuable boost to our fundraising and helps us continue to offer and expand our essential services to the community in Morningside, Edinburgh.