Leaving a gift: FAQs
You may already have thought about leaving a legacy to charity in your will. We’ve put together a few FAQs to help answer any questions you may have.
How do I make a Will?
Where can I find a solicitor?
What information do I need to include when I’m leaving a gift in my Will to Build Africa?
How much should I give?
Isn’t this a private matter?
What if I change my mind?
What about Inheritance Tax?
What kinds of gift can I leave?
How will my gift be used?
I’m an executor of a Will, what do I do first?
Making a Will can be daunting and it is something that is easy to put off. However, it’s actually very straightforward. If you have not already made a Will it is best to consult a qualified solicitor or Will Writer. This will ensure that you receive sound professional advice and have the reassurance that your wishes are honoured. Leaving a legacy to charity simply involves adding a short clause to your Will. We have put together some suggested wording for clauses which a solicitor might find helpful as they contain all the necessary information about Build Africa.
If you have an existing Will and would like to include Build Africa in it, you should consult a solicitor. They will be able to advise you whether you can make a simple addition or amendment with a codicil.
You can search via The Law Society’s ‘Find a Solicitor’ option on their website for local solicitors specialising in Wills and Probate (www.lawsociety.org.uk or call 020 7242 1222).Or, if you would prefer a local and fully insured Specialist Will Writer to visit you in the comfort of your own home, you can find one via the Institute of Professional Will Writers (www.ipw.org.uk or call 0345 257 2570).
If you’d just like some free advice on where to begin with writing your Will, you can get in touch with Rachael Rodgers from Heir Tight Wills.
The most important details are our name, our address and our registered charity number: Build Africa Vale House Second Floor Clarence Road Tunbridge Wells Kent TN1 1HE Registered Charity No. 298316. We have put together some suggested wording for clauses which contain all the information about Build Africa.
Loved ones must of course be uppermost in your thoughts and there is no set amount on what you should leave as a gift to charity. Any legacy, whatever the amount, really makes a huge difference to the lives of the children and their families we work with.
It is entirely up to you if you wish to share the contents of your Will during your lifetime. However, if you would like to share your intentions we’d love to hear from you. This knowledge helps us to plan more efficiently for the future. It will also give us the opportunity to thank you.
You are always free to change your mind about your gift. You can amend your Will, or add a codicil, at any time that is convenient to you. In addition, a good solicitor will make sure your Will is worded to take account of any changes in your circumstances that may take place later in life. Your solicitor will help you find the best way to provide for your family and friends while also being able to do something for Build Africa.
Gifts in Wills to charities are tax efficient. Inheritance tax is currently charged at 40% if your estate is over a certain value. Since April 2012, anyone leaving a minimum of 10% of their estate to charity will benefit from a reduced rate of 36% rather than 40% Inheritance Tax, thus increasing the value of the rest of your estate to other beneficiaries. Further information on Inheritance Tax can be found on the HMRC website: www.hmrc.gov.uk/inheritancetax
We are extremely grateful for all gifts, however large or small. Just £500 could provide 1000 textbooks to pupils eager to learn. There are many different types of gift you can leave in your Will:
- A share of your estate (called a residuary legacy) is the whole or a percentage of the remainder of your estate once all other legacies and costs have been paid. This will make the biggest difference to our work as it will maintain its value even if your estate changes after you have written your Will
- A fixed sum of money (called a pecuniary legacy). This type of gift may decrease in value over time due to inflation
- A specific item of value such as antiques or jewellery. If you leave a specific item to Build Africa, we will sell it to turn it into funds. Again, do seek professional advice about what is best for you
We promise to spend your gift wisely, using every penny as effectively and cost-efficiently as possible. Your support will mean we can continue helping children and their communities escape poverty in Africa. We understand that many people are passionate about a particular area of work or want their gift to be spent on a particular project and we’re committed to honouring your wishes as closely as possible.
However, the work we do and schools we work with changes over time according to the needs of the communities we support, so we can’t be certain where the greatest need will be in years to come. Gifts made unconditionally are the most useful to us. Where possible we ask that any specific requests are stated as a preference and not a condition. We will of course let your family and friends know how the legacy has been used.
At a time of sadness, it can be difficult to think about what to do first. The Kings Court Trust has put together a useful booklet with some practical steps that explain what to do when someone dies. You can download a copy of the booklet here or get in touch with us to request a copy by post.
If you and an executor of a Will where there is a bequest to Build Africa and you would like to know how best to get this to us, please get in touch with our Finance Team on [email protected] or 01892 519619.
If you have any questions about leaving a gift to Build Africa in your Will please call Laura on 01892 519619 or email [email protected] for confidential and friendly advice.
If you intend to leave Build Africa a gift in your Will please do get in touch so we can thank you personally.