Legacies and Bequests
Legacies and Bequests
Your legacy to RF (UK)
Leaving a gift to RF (UK) in your Will is a way for you to continue support beyond your lifetime.There are different types of legacy, the ones that apply to RF (UK) are below:
• residuary bequest - a gift of the remainder of the estate after all other bequests have been made and debts cleared is called a residuary bequest.
• pecuniary bequest - a gift of a fixed sum of money in your Will is called a pecuniary bequest. The value of pecuniary legacies will decrease over time, as the cost of living increases.
Why are gifts so important to charities?
The reality is that, without the gifts left in Wills by people like you, many charities we know and support would not exist. Legacies are the foundation for many of the charities in the UK and are vital in making sure that all the good work they do can continue. The Rotary Foundation is no different. It has a long established commitment to projects throughout the world and needs your help to continue its work.
What benefit are charitable bequests to you and your family?
Charitable bequests in your Will are free of tax. They are also a way of reducing the value of your estate that could be subject to Inheritance Tax. The current Inheritance Tax threshold is £325,000 (2009/10) and every £1,000 in your estate above that figure attracts tax at 40%.
Make a Will
It is important to make a Will. Not only is it the only way for your wishes to be followed, but it reduces the administrative burden on your family at a very difficult time. If you don’t make a Will, the law decides who inherits your property – do not assume that your partner or children will automatically receive your estate when you die.
Tax planning is becoming more important as the value of family homes increases. An increasing number of estates fall within the Inheritance Tax regulations and a lack of planning can significantly increase estate tax liabilities.
How to leave a legacy to The Rotary Foundation
If you would like to leave a bequest in your Will to The Rotary Foundation, you can include the bequest either in the body of your Will or as a codicil.
Consult a solicitor to ensure that all relevant legal aspects are considered.
Recommended forms of wording is as follows:
Residuary bequest
I give ( )% of the residue of my real and personal estate which I can dispose of by Will in any manner I think proper to Rotary Foundation of the United Kingdom (registered charity number 1002059) of Kinwarton Road, Alcester, B49 6PB and the receipt of the Secretary or other authorised officer for the time being of the charity shall be a full and sufficient discharge for this bequest.
Pecuniary bequest
I give the sum of ( ) pounds to Rotary Foundation of the United Kingdom (registered charity number 1002059) of Kinwarton Road, Alcester, B49 6PB and the receipt of the Secretary or other authorised officer for the time being of the charity shall be a full and sufficient discharge for this bequest.
It is also recommended to include the following clause, whichever wording you use:
If at my death any charity named as a beneficiary in this Will or any Codicil hereto has changed its name or amalgamated with or transferred its assets to another body then my Executors shall give effect to any gift made to such charity as if it had been made (in the first case) to the body in its changed name or (in the second place) to the body which results from such amalgamation or to which such transfer has been made.
Please remember to use the full name of RF(UK) – Rotary Foundation of the United Kingdom and the correct charity number and registered address.