LEAVING A LEGACY OR GIFT TO A CHARITY
Roger Newton 93 Dunkeld Road, Dagenham, Essex RMS 2PT
The Government allows all gifts or legacy to charities to be tax free. So if you make a
gift to any charity in your Will, its value will be deducted from your estate before
inheritance tax is calculated. Essentially this means you can help the Essex Field Club
and reduce your inheritance tax liability at the same time. (You can leave as many gifts
to as many different charities as you wish in your Will.)
Leaving a Legacy
Should you be considering leaving a legacy to a charity in your will, there are a
number of different ways to go about it.
• Residuary legacy - percentage of the residue or balance of your will, paid once
all expenses and gifts to family and friends have been accounted for
• Pecuniary legacy - A cash gift - any specified sum of money
• Specific legacy - Personal or household effects, for example, stocks and shares,
jewellery, car, property
• Reversionary legacy (residuary, pecuniary or specific) - Left firstly to a 'life
tenant', for example leaving your house to your daughter for her lifetime,
thereafter going to others -such as a charity
• Insurance policies and savings - Charities can be named as beneficiaries in
your life insurance policy
If you would like to leave a legacy to charity, it's important that it's worded correctly for
it to be legally binding. If you'd like to leave us a legacy, please contact the Treasurer,
Essex Field Club and we'll be very happy to give you the recommended wording, which
can then be included in your Will when you draw it up. Alternatively, your solicitor will
be able to help.
An 'in memoriam' gift
It's not a legacy, but some supporters request that friends and relatives make an 'in
memoriam' donation to a charity such as the Essex Field Club instead of sending flowers
and wreaths
Changing your will
If you do need to make minor changes to your Will, you can often do so very easily by
adding a 'codicil' - an addition to your existing Will that should be drawn up by your
solicitor.
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Essex Field Club Newsletter No. 53, May 2007