Leave A Legacy
Can a legacy be tax-efficient?
Yes. A charitable gift in your will can be deducted from the value of your estate prior to its assessment for inheritance tax purposes.
What gift can I leave?
You can leave either a share of your estate, a specific sum or a gift of shares, property or other valuable items to seed. If you decide to leave a legacy there are four main types to consider:
- Residuary bequest means you can leave the remainder of your estate to seed after all your other wishes have been carried out and all expenses relating to your estate have been met. This kind of gift is of the greatest benefit to us as its value increases in line with the value of your estate.
- Pecuniary bequest is a fixed donation to be left to seed. The value of pecuniary legacies decrease over time as a result of inflation so you can index link your donation to ensure it retains its original value.
- Specific bequest allows a particular named item of value, such as jewellery or an antique to be donated to seed.
- Reversionary bequest is where you give a friend or family member a life interest in your estate for them to enjoy during their lifetime and after their death the remainder of your estate is left to seed.
Suggested wording to give to your Solicitor
It is strongly recommended that you consult a Solicitor when making or changing your will. This will ensure the legacy clause is correctly included and the will or codicil is properly executed. There are some clauses below which may help you or your Solicitor to draft a clause in your will.
Residuary legacy
(all or a proportion of your residuary estate)
I bequeath [all / …..%] of the residue of my real and personal estate which I can dispose of by my will to the Trustees of Seed (Registered Charity No. 1155460) for the general purposes of the charity. The receipt of the Honorary Treasurer or other proper officer for the time being of Seed shall be a full and sufficient discharge of my executors.
Pecuniary legacy
(a set sum)
I bequeath the sum of [insert sum] to the Trustees of Seed (Registered Charity No. 1155460) for the general purposes of the charity. The receipt of the Honorary Treasurer or other proper officer for the time being of Seed shall be a full and sufficient discharge of my executors.
Specific legacy
(a names item)
I bequeath to the Trustees of Seed (Registered Charity No. 1155460) absolutely my (name and description of item). The receipt of the Honorary Treasurer or other proper officer for the time being of Seed shall be a full and sufficient discharge of my executors.