Making a will is not expensive, and you are advised to make use of the services of a solicitor.
MAKING A WILL GIVES YOU PEACE OF MIND THAT YOUR WISHES WILL BE CARRIED
If you do not want the taxman to be a beneficiary, a practical step might be to leave a legacy to charity.
This generous act can reduce your Estate’s liability to Inheritance Tax because, as long as certain conditions are met, gifts to charities are exempt from Inheritance Tax, regardless of the amount.
|Inheritance Tax is a complex area. Generally, however, Inheritance Tax is payable at 40% on the balance of your Estate over the nil rate band. The nil-rate band for the 2016/17 tax year is £325,000 although this should increase annually. Inheritance Tax is not payable on gifts to spouses or charities and political parties. If you add up the value of all your possessions – house, contents, car, jewellery, life assurance, pension death benefits, you may find that your chargeable Estate is worth far more that £325,000.|
(This is general information and not a statement of the law. Always seek professional advice.)
HOW CAN I GIVE TO THE TRUST BY MEANS OF A LEGACY?
A legacy is a gift to a named person, institution or cause given through your Will. There are four main types of legacy:
A PECUNIARY GIFT
This is a specific amount of money declared in your Will. It can be linked to the retail prices index so that it is protected from inflation.
A SPECIFIC GIFT
You may wish to leave a specific item such as property or an item of jewellery.
A RESIDUARY GIFT
This means that you leave to the Trust all or part of whatever is left over from your estate once all other gifts , to family and friends, have been distributed.
You can provide a lifetime of security for somone dear to you by giving him or her a Life Interest in your property, by ensuring that , upon death of that person, it will pass (as instructed in your Will) to someone else, for example, your favourite charity.
Whatever you choose to do, your solicitor will advise you and help you select the most appropriate option.
WHAT IF I’VE ALREADY MADE MY WILL?
If you would like to make a legacy bequest to the Thames Chase Trust, you do not have to rewrite your Will. Your solicitor will help draft a Codicil, which is a simple , separate document which can add or cancel or otherwise change things in your existing Will.
CAN I GIVE IN LIEU OF FLOWERS?
These days, families and friends are often asked for contributions to be sent to a charity, rather than flowers being given at the funeral. This is a positive way of expressing sympathy and it is a request you might like to consider making in your Will. Such donations to the Thames Chase Trust do make a real difference to its work.
DONATIONS OF ANY SIZE ARE GRATEFULLY RECEIVED
OUR WORK AT A GLANCE
As the Community Forest to the East of London, South West Essex and Thames Chase is involved in a wide variety of work, from green infrastructure planning, through environmental education, to conservation management.
This is achieved by:
• Creating new woodland
• Managing existing woodland
• Creating and improving access to the countryside
• Involving local people
• Conserving and enhancing the natural environment
• Assembling resources and partnerships
THE SCALE OF OUR WORK
Thames Chase was set up in 1990 and covers 40 square miles of East London and South West Essex. It is one of 12 Community Forests in England.
Thames Chase aims to turn 30% of this area into woodland by planting 5.5 million trees over 40 years. The remaining area will be a mixture of farmland, meadows, wildlife areas and public open spaces.
For more information please contact:
Phone: 01708 642960
Thames Chase Forest Centre, Broadfields, Pike Lane, Upminster, Essex, RM14 2LT
Raising funds for Thames Chase Trust (Charity No.1115627)
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