Different Ways to Remember
There is more than one way to leave a gift in your will, depending on your personal circumstances. We always recommend you consult a solicitor or professional will writer to discuss your individual circumstances. Below are some of the main types of legacy you can leave.
This is the gift of the whole or part of what is left over when all other gifts and debts have been paid.
A residuary legacy has the advantage of automatically keeping up with inflation meaning your gift retains its intended value in real terms. It can also help to reduce any Inheritance Tax that may be due on your estate.
Example: You have decided to leave gifts of money and items to members of your close family and friends to a set value. Once these legacies have been paid any balance not accounted for could be left to one or more of your favourite charities.
This is for a specific amount of money or a set percentage % of your estate. The value of this type of gift will decrease over time due to the effects of inflation, but you can avoid this by arranging to have your gift index-linked to the retail price index.
Example: You have decided to leave a gift of £2000 to a friend. Dependent upon inflation that gift could be worth as little as £3500 in ten years if not linked or as much as £6500 if you have index linked it.
This is a particular item or items of value that you wish to give to someone or a charity.
Example: You may wish to leave a house, stocks and shares, a piece of jewellery, or a favourite antique to a specific person or charity.
Life Interest or Reversionary Legacy
This gift allows you to leave the whole or part of your estate to a loved one for use during their lifetime, and afterwards it will revert to a specified person or charity.
Example: Your house could be left for a partner or a relative to occupy during their lifetime. When they die, the house itself or the proceeds from the sale of the house could pass to another person you nominate, or to a charity of your choice.
Remember, it is really important that if you do decide to remember Care for the Wild International in your Will that you use the full and correct charity details – available here.