Legacies - Leaving a Gift in your Will
What are Legacies?
Legacies are gifts of money, property or possessions left in a will. They can be specific cash gifts (e.g £500) or a percentage of an estate or even personal/household effects, ie. a house, paintings, stocks and shares or stamps. All of the above are tax free to a charity.
Why leave a Legacy?
It goes without saying that family and loved ones will always come first and choosing to leave a gift in your will to a charity is not a decision to be made lightly. However, just a small gift can greatly enhance the quality of someone's life and enable us to give a job to someone who may not be able to work, providing them with an opportunity to learn new skills and meet new people.
Many people never make a will because they assume everything will go to their spouse or children - but this isn't always the case. It's essential you make plans for the money you leave when you die, however large or small the amount may be.
To ensure all your wishes are carried out exactly as you would want, it is advisable that you seek appropriate professional advice when writing or updating your will, ideally from a solicitor.
How Will Your Gift Help Us?
Without the generosity of your kind donations we could not provide the services and support for the disabled people that work at CLARITY EFBP. Upon joining, everyone is given a training and development plan, enabling them to progress their skills not only in the workplace but also on a personal level.
Your gift will enable a person to learn a new job/skill, increase their literacy and numeracy knowledge and be self-sufficient by earning their own income which will in turn greatly enhance their quality of life on a daily basis. All these skills will also help them to get a job in open employment and so not have to rely so much on the government thus promoting their own sense of worth.
How can you leave a Legacy?
Making a will is the best and most simple way to safeguard everyone's future and ensure your assets go to the people and causes closest to your heart. If you die without a legal will, your estate will still be divided up - but by the courts, not you.
Having a will in place makes life easier for those left behind, and helps eliminate misunderstandings. If you have children, you can safeguard their future by providing for them financially and, where necessary, appointing a legal guardian. With your solicitor's help you might also be able to minimise the inheritance tax payable on your estate.
There are a number of ways you can leave a gift to CLARITY EFBP:
- Residuary - this is a gift of the residue of your estate, or a percentage of the residue (ie. the amount left after your debts have been settled and any legacies you leave to other people have been paid). This can also be a gift of the whole of your estate. The value of such a gift is least likely to be cut by inflation.
- Pecuniary - this is a gift of a specified sum of money, decided when the will or codicil is written.
- Specific - this is when you make a gift of a particular item. This includes stocks and shares, the proceeds of a life assurance policy, property, furniture and jewellery.
How your company pension can benefit CLARITY EFBP
If you belong to a company pension scheme, you can complete an 'Expression of Wish' form to benefit CLARITY EFBP. In the event of your death, part or all of the life insurance benefit will be paid to your chosen charity/charities. The 'Expression of Wish' form notifies the trustees of your wishes and it is simple to do with no legal complications. However, not all company pension schemes are set up to do this so you will need to check with your employer.
For more information about leaving a legacy to CLARITY Employment for Blind People please write to:
CLARITY EFBP
276 York Way
London N7 9PQ
Or ring 020 7619 1650 and ask to speak to David Sore, Marketing Manager.
Thank You for Your Generosity
If you have already included a donation to CLARITY EFBP in your will, please accept our warmest thanks on behalf of all the people your gift will help.