Legacy Giving

Leaving a legacy to us through your Will can be such a benefit

What are legacies?

A legacy is a bequest from a donor in their will. It is one of the more traditional forms of giving a lump sum of money or property or shares to charity by the donor and it remains a very important one. Leaving a legacy to our Society gives you the chance to make a real difference to merchant seafarers’ lives even after you're gone,

The two main types of legacy

Residuary bequests: This means that once your family and loved ones have been provided for, either the whole of the remainder (or a proportion) of your estate is pledged to one or more charities. Ideally, this will be left to the Sailors’ Society as being named in your will? Pecuniary bequests: This means that you pledge a specific sum of money to a particular charity. Ideally, this will be left to the Sailors’ Society as being named in your will?

How they work

Charitable legacies reduce the total amount of inheritance tax due from your estate. Legacies are left through your will or simply by a declaration to the executors with instructions as to how and to which charity a legacy is to be distributed. Ideally, this will be left to the Sailors’ Society being named in your will?

The benefits of legacies to the Sailors’ Society

Legacies are one of the most cost-effective fundraising techniques and raise a significant amount of money towards our vital support of needy merchant seafarers. Please do consider using this opportunity to start an income stream that has the potential to grow exponentially for us.

For further information or to request a legacy brochure, please email us us or call our office +44 023 8051 5950.

 An explanation of legal terminology (jargon) used by lawyers in connection with wills

Beneficiary

Our organisation the Sailors’ Society, to whom we hope you may leave a gift in your will?

Bequest

A gift you leave in your will to our organisation. There are different types of bequests.

The main ones are:

Residuary bequest

A gift of the remainder of your estate after all other gifts have been made and debts cleared. You may leave either the total of the remainder to us or a percentage of it.

Pecuniary bequest

A gift of a fixed sum of money. However, the value of a pecuniary gift will decrease over time, as the cost of living increases.

Specific request

A particular named item left as a gift in your will. For example, a piece of jewellery, some antique furniture, a valuable painting etc.

Contingent bequest

A gift in your will that is dependent upon the occurrence of an event that may or may not happen. For example, a gift to the Sailors’ Society which applies only if other beneficiaries named in your will die before you die.

Codicil

Any change or addition that you might make to your will after it has been originally drawn up and signed as being your wishes. However, it is now considered best practice to effect any changes of mind by getting a new will drafted that supercedes the previous one, rather than by making a codicil to an existing will. This removes any doubt by your Executors that you did indeed want these changes made and that your wishes will be properly followed.

Estate

The total sum of your possessions, property and money left at your death after debts have been paid.

Executor

Person(s) appointed by you to ensure the wishes in your will are carried out.

Inheritance Tax

The percentage of tax paid when you die on the proportion of your estate that is over the nil-rate band threshold. This threshold may vary every tax year.

Further details on the prevailing tax threshold are available for UK taxpayers on the website of HM Revenue and Customs at: http://www.hmrc.gov.uk/cto/iht.htm

Please remember, if you are a payer of UK tax, all gifts made in your will to charity are presently free of inheritance tax so this decision could be a wise means of reducing the burden of tax on your estate.

Legacies give you the chance to make a real difference even after you're gone.

Your solicitor will be able to give you information on how charitable legacies can be including in your will and we recommend that you obtain proper advice when making any bequest.