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Types of Legacies

There are a number of ways you can leave a Legacy Gift to Kisumu Children Trust.

  • Pecuniary Legacy

A gift of a fixed amount. A simple way of giving, but inflation and the change in your estate’s value can mean that, after some years, this figure might not reflect the value you intended at the time you wrote your Will.

  • Residuary Legacy

A gift is made of what is left of your estate after all other gifts and costs are accounted for. To do this, you may leave either the total of the residue or a percentage of it. The value of such a gift increases over time with inflation.

  • Conditional Legacy

If none of your named dependents survive you, your estate will be left to other named beneficiaries.

  • Reversionary Legacy

You may choose to leave a gift to a loved one for them to use only during his or her lifetime. After this time, the gift reverts to other named beneficiaries or charities.

  • Specific or non-money Legacy

You can leave specific possessions, such as jewellery, property or stocks and shares to a named recipient. We are grateful for such gifts, but these types can sometimes present problems of administration.

 

Updating an Existing Will

If you already have a Will, you can amend it by adding a Codicil. This provides the necessary information to ensure that your wishes are enacted in full.

You can download a codicil form by clicking here (coming shortly…)

However, if you wish to make substantial changes, crossing sections out or writing new instructions can create problems, so ensure that you seek professional advice.

 

Other Things to Consider

If you don’t yet have a Will, it’s a good idea to write one at the next opportunity. It simply makes things clear to ensure that your estate is divided according to your wishes.

It is possible to write your own Will, but it is important that the wording of your Will is exactly right. For this reason, we recommend that you seek professional legal advice before drafting your Will.

  • Inheritance Tax (IHT)

By leaving a Legacy gift to Kisumu Children Trust, the gift will be tax exempt and in addition, this will usually reduce the tax payable on your estate

  • Pensions Gifts

You can nominate Kisumu Children Trust to receive any unused pension upon your death.

 

Getting Advice

You can further help on all these matters at:

christianlegacy.org.uk     Covering all aspects of making your Will

willaid.org.uk      An annual scheme to reduce the cost of making a will.

gov.uk/make-will/overview     The government website with full official advice

aclf.org.uk     The Association of Christian Law Firms. Here you can find a Christian solicitor.

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