How to leave a legacy to charity
As the generosity surrounding Deborah James and her bowel baby fund shows, no matter how stretched people's finances are as a nation people pull together and take charity seriously.
Many of us have monthly charitable giving, but some people when making a Will consider leaving a legacy to a charity close to them.
Supporting Francis House Children's Hospice
This year Pearson Solicitors and Financial Advisers are supporting Francis House Children’s Hospice, as nominated by our staff, and if any client wants to make a Will and leave a charitable donation to the hospice our team of private client solicitors are only too happy to help out and advise on the best way to leave a legacy to charity.
“We often have clients who want to make a charitable donation and specify an exact charity, others want to consider a charity but don’t have a particular preference, so during our year of support we will focus on Francis House, whilst of course always reminding clients there are other options,” said Lucy Roughley, Wills, Trusts and Probate Legal Adviser in the Private Client department.
“When a client leaves a percentage or even the whole of their estate to charity the executors ordinarily contact the charity to notify them of their legacy. This is true of all gifts, no matter how big or small,” she added.
The children who visit Francis House have life-limiting or life-threatening conditions and the hospice is almost entirely charity funded, costing over £4 million a year to run. Legacies in Wills are an important part of their fund-raising activities.
Legacies in Wills
When you make a Will your solicitor may ask if you wish to leave any legacies, also known as gifts.
It is a good idea to think about what gifts you wish to make to family, friends or charity in your Will before you meet with your private client solicitor.
It is a good idea to make sure your Will is drawn up professionally and reviewed on a regular basis as your circumstances change.
How can you leave a legacy or donation in your Will?
When making a gift in their Will and clients can consider one of the following:
- A residuary legacy – this is a fraction of the estate as opposed to a defined cash sum and so retains value over time.
- A pecuniary legacy – a fixed amount of money left in the Will to the specified charity
- A specific legacy – this is essentially a specific gift, usually of a particular item of belonging.
- A charitable legacy - is when you leave a gift to charity in your will which will be exempt from inheritance tax.
Rachael Taylor, Assistant CEO at Francis House Children's Hospice added:
“If your child is diagnosed with a life-threatening condition your world collapses. When families come to Francis House we try to make the rest of their child’s short life as happy and full of exciting memories as we can.
“When you leave a gift in your Will to Francis House, you help ensure that we can continue to care for the hundreds of extraordinary families from across the North West who rely on our support each year.”
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Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.