Gifts in your Will
Helping others after your lifetime
Leaving a gift in your will is the best way to ensure that we can continue our valuable work.
Did you know?
- St Loye’s Foundation is not a large charity so your gift, no matter how small, will make a big difference.
- St Loye’s legacy income is typically 37% of our annual fundraising income. (averaged over 4 years) So you can see legacies make a big difference to us.
- By including St Loye’s Foundation in your will, you will be helping to shape the future for many disabled adults.
For further information on leaving a legacy to St Loye’s Foundation see our web-site www.stloyes.org.uk, see also the Remember a Charity consortium, who’s web-site has a wealth of information about how to leave a legacy to charity, www.rememberacharity.org.uk
Leaving a legacy
What you need to do
There are two main legacies that you can leave:
- Residuary legacy – which is a share of the remainder of your estate after all other payments and bequests have been met.
- Pecuniary legacy – a fixed amount of money that has been specified in your will.
- ‘Specific gift’ legacy – If you choose, you can leave a ‘specific gift’ legacy which allows you to leave anything in your possession from jewellery to property.
- Reversionary legacy – A reversionary legacy allows you to leave a gift to a loved one for use during his or her lifetime, and then it will pass on to a specified person or charity after this time.
Donation in loving memory
You may want to request that well-wishers make a donation to St Loye’s Foundation in your memory, perhaps instead of buying flowers.
Informing your solicitor
Your solicitor will need the following details in order to set up any legacy from your will;
St Loye’s Foundation
51 New North Road
Exeter EX4 4EP
Registered Charity number 235434
Suggested wording for your will
The following wording is considered quite normal for this type of gift:
‘I bequeath to St Loye’s Foundation of Beaufort House, 51 New North Road, Exeter EX4 4EP registered charity no. 235434, the sum of £_________ (for a pecuniary bequest), or: the residue of my estate (for a residuary bequest) to be used by St Loye’s Foundation at its discretion.’
Frequently asked questions
Why make a will?
Making a will ensures that your loved ones and the causes that matter to you are taken care of after your death. If you do not make a will part, or all, of your estate will go to people who you never intended to benefit. Inheritence Tax legislation means, if you don’t prepare properly, a substantial part of what you leave behind will go to the state.
Am I too young to make a will?
You are never too old or too young to make a will – but the sooner you can get around to it the better to ensure everything is in order.
Is making a will expensive?
Setting up a simple will can cost as little as £40. It is advisable to seek the guidance of a solicitor as a will is a legal document and needs to be worded carefully to avoid costly mistakes.
I don’t have many possessions to leave
When the value of your home and contents, bank and building society accounts and pension benefits are added up, you may be surprised by how much you do have!
Will tax be taken from my legacy to charity?
No. All legacies to charities are free of Inheritance Tax and Capital Gains Tax.
Can I change my will?
You can change your will as often as you like. It’s important to update and review your will regularly to ensure that it reflects your current wishes and circumstances.
A simple change, such as adding St Loye’s Foundation to the beneficiaries of your will, can be made using a codicil. This is a legal amendment to your will, which needs to be signed and witnessed in the same way as your will.
St Loye’s Foundation is member of the Remember a Charity consortium, helpful guidance and advice can be found on their web-site, www.rememberacharity.org.uk for more information about St Loye’s and our work, see our web-site www.stloyesfoundation.org.uk
Your solicitor can give you advice about how to do this.