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Making
a bequest to AMEN
A
bequest may be the largest amount you are ever able to give and will
have an impact long after you die. If you would like to discuss
leaving a bequest to AMEN, please call one of our Trustees, Chris
Lemming, on 0790 503 1305 or EMail him on chris@amentrust.co.uk
. The comments in this section apply to UK - if you are a resident
of another country please contact a local solicitor or attorney to
find out the legal implications of any action you take and the
correct way to achieve the desired outcome.
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Are
there financial benefits in UK from leaving a bequest in your will?
Because UK charities are exempt from Inheritance Tax, bequests are one way
in which you can reduce the amount your estate will be taxed. Under current
UK law, the first £250,000 from one estate is free from tax. The remainder
is taxed at a rate of 40%. Therefore, should your estate be worth over £250,000
a gift of £20,000 would be worth only £12,000 to a non-charitable cause.
How
do you leave a bequest?
Bequests must be incorporated in your will. Do It Yourself wills are often
unclear and possibly invalid. It is advisable to contact a solicitor to make
a will, and the Law Society (020 7242 1222) www.thelawsociety.org.uk
can make recommendations. You will need to make it clear that the bequest is
to AMEN, UK Registered Charity No. 1057626
What
if you already have a will?
A new will is needed for major changes; smaller changes can be dealt with by
means of an official "codicil" document.
Can
you change your mind later?
Yes,
of course you can. You can always make alterations to take account of
changes in your circumstances. Just contact your solicitor and they will be
able to help you. It is a good idea to review your will regularly in any
case.
What
types of bequest are there?
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A
residual bequest - leaves the remainder of your estate to a chosen
charity after you have taken care of your family, those close to you and
other beneficiaries.
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A
pecuniary bequest - allows you to leave a specific sum to a charity or
organisation. The disadvantage is that inflation will devalue your gift,
so you may need to update your will regularly
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specific bequest - This allows you to leave land, property or particular
items that you own. We are able to benefit from this type of bequest
either by selling them and benefiting from the proceeds (unless you
state otherwise in your will), or by using them directly for ministry
purposes.
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A
conditional bequest - in the event that the person(s) to whom you have
left your estate dies before or with you, it is wise to add a clause
which specifies an alternative recipient. Some people choose to make
their conditional bequest to a charity.
Thank
you
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