Leave a Gift in your Will
Our next Will Writing Week will take place from Monday 22nd April until Friday 26th April 2024. To register your interest, click here.
Did you know you can leave as little as 1% of your wealth as a Gift in your Will?
A Will is vital if you wish to be certain as to who will benefit from your money and other possessions when you die.
Without a Will, the law provides as to whom gets what and this may not reflect your real wishes. For example, some people incorrectly assume that on their death everything they own will automatically go to their partner. However, this is not invariably the case and making a Will guarantees your wishes will be met.
In addition, a Will allows you to specify funeral arrangements and to ensure those that you care about, especially children, are provided for and it will give you the opportunity to appoint a guardian for your children.
Having your Will professionally written may also help you to reduce Inheritance Tax.
The absence of a Will can cause a great deal of anxiety and worry for your loved ones at the distressing and difficult time of your death. Everyone over 18 is entitled to make a will, so for the sake of the people and charities your care about, it is important you have a valid Will.
What is a Legacy?
A charitable legacy is when you leave money to a charity in your Will.
Did you know you can leave just 1% as a Gift in your Will and the other 99% will go to your loved ones?
Anyone can do this, and you can decide to leave a fixed amount, or whatever money is left once the other gifts in your Will have been given out. Leaving a gift in your Will to Beams should give you profound satisfaction in knowing that your support will live on into the future, but can also make the burden of inheritance tax on your estate lighter.
However you choose to remember us in your Will, and whatever size your legacy may be, you can be sure it will really be appreciated.
Did you know that the only information you will need from us to leave a Gift in your Will is our charity name We Are Beams and registered charity number RCN 1054129?
Did you know that you could add a Letter of Wishes to your Will at any time?
What is a letter of wishes?
A Letter of Wishes is a document drawn up to accompany your Will. Unlike a Will, it is not legally binding, but it provides guidance for the people dealing with your estate and/or any trusts that are to be set up after you die.
A Letter of Wishes serves to capture your guidance on specific matters that require discretion. It tells your executors, trustees, and/or family your views on how you would like them to deal with your assets. It can also set out the way you wish them to approach the exercise of their powers.
You could add a We Are Beams gift to your Letter of Wishes. The information needed is:
We Are Beams
Registered address: Allsworth Court, 38-40 St David’s Road Hextable, Kent BR8 7RJ
Our Pledge to you
• We absolutely recognise your loved ones come first in your Will.
• We will never ask you the size or type of gift if you decide to support our work this way.
• You never have to tell us your intentions – we respect your right to privacy.
• We fully understand that circumstances change and there might be a time when you need to take us out of your Will.
• We promise to use your gift wisely, in line with your wishes.
Types of Legacy
Residuary Legacy – Part, or all of your estate after debts, funeral costs and Pecuniary gifts are paid.
Pecuniary Legacy – A specific sum, which can be index-linked to safeguard its future value, otherwise the value of a pecuniary gift will decrease over time as the cost of living increases.
Specific Legacy – A particular item to be used or sold by the beneficiary.
Reversionary Legacy – If you are worried about providing for your family but don’t want to turn your back on your favourite charity, ask your advisor or solicitor about a reversionary legacy. This allows you to leave assets to named individuals, such as a disabled child, for their lifetime while deciding who should benefit after they have passed away.
Setting up a Trust
Trusts also allow you to provide for your children in a secure way; minimising the risk of financial abuse whilst maximising receipt of state-funded benefits.
For more information on how your gift would be used by Beams or just for an informal chat please contact: Caroline Brinkman, Income Generation, and Development Lead E: email@example.com