Legacies

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Legacies and Inheritance Tax

Leaving a Gift in your Will

Have you considered including a gift to the CBA in your Will? As the largest single source of income to UK charities, legacies make a vital difference to good causes across the country. A legacy allows you to make your mark on the world by providing for a good cause that is close to your heart. Free of inheritance tax, a charitable donation made in your Will can also help reduce the tax burden on your Estate and in some instances need not have any effect on the inheritance you leave to loved ones.

How does it work?

A charitable legacy could be a gift of money or any other assets that you leave behind. There are a number of options to consider, but there are three main types of charitable legacies:

  • Pecuniary legacies – specify a sum of money to be donated
  • Specific legacies – the gift of a specific item such as jewellery, shares or property
  • Residuary gifts – allow you to donate a percentage of the net value of your Estate

What do you need to do?

To leave a legacy to the CBA, you simply need to include details in your Will. This can be done by writing a Will or by making an amendment or ‘Codicil’ to an existing Will. Your Solicitor or professional adviser will be able to tell you more.

Note: The CBA cannot give advice on what to put in your Will or tell you which solicitor to use. Please seek advice from a solicitor of choice. If you do not have a solicitor, your local Citizens Advice Bureau or the Society of Trust and Estate Practitioners (STEP) will be able to point you in the right direction.

For more information please contact Cherida Plumb, Head of Development or Peter Olver, Finance Director to find out more about leaving a legacy to the CBA today.

Don’t understand Legacy jargon? – take a look at our Jargon Buster (76 kb).

The following links will give you more information about legacies and the reasons behind ensuring that your wishes are expressed properly upon your death.