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Types of legacy

A legacy gift can be made in several different ways

A residuary legacy is a set percentage of your estate after all other bequests have been made and debts paid. This form of legacy is not reduced by inflation.

 

To give a residuary legacy you might add:

"I give all (or a specified share of) the residue of my estate absolutely to The Bardsey Bird and Field Observatory, Cristin, Bardsey Island, Pwllheli, LL53 8DE, Registered Charity No: 249790 (England & Wales) for the general purpose of the Observatory and I direct that  (i) the proceeds may be used for the general purposes of the Observatory and (ii) a receipt signed by a person for the time being authorised by the Trustees of the Observatory shall be a good and sufficient discharge to my executors." 

 

A pecuniary legacy is a fixed sum of money stated in your Will. Please remember that inflation may impact on this type of gift, so it may be worth considering linking it to the Retail Price Index to maintain its value.

 

A specific legacy is the gift of an item such as a work of art, book collection, house or shares. If you intend to leave a specific legacy please be aware that, if we cannot use the gift directly for the work of the Observatory, we may wish to sell the item so that the proceeds are available to the Observatory.

 

To give a pecuniary or specific legacy you might add:

"I give to The Bardsey Bird and Field Observatory, Cristin, Bardsey Island, Pwllheli, LL53 8DE, Registered Charity No: 249790 (England & Wales), the sum of £……… (or specific items to be given) for the general purpose of the Observatory and I direct that  (i) the proceeds may be used for the general purposes of the Observatory and (ii) a receipt signed by a person for the time being authorised by the Trustees of the Observatory shall be a good and sufficient discharge to my executors."

Other terms you may find useful

Inheritance Tax — the tax liable on your estate if the total value if more than the threshold.

 

Currently this stands at 40% of everything above £325,000 (£650,000 for a married couple or couple in a civil partnership). Gifts to charity are paid out before the Inheritance Tax Threshold is applied and so could save you from paying this.

 

Reversionary Bequest — When someone else, a spouse or family member for example, needs the use of the property first. You may wish a beneficiary to have the use of your property or estate for their lifetime, and for ownership to pass to a charity after their death.

 

Intestate — the term for someone who dies without making a will. This can often result in complex issues which your family may have to sort out.

You should always seek advice from a solicitor or professional legal advisor before making or changing your Will. This will ensure that the wording is precise and clear so that your true intentions can be carried out.

 

Please remember we are not linked or affiliated to Bardsey Island Trust or RSPB.

REMEMBER

PH Cristin 03 drop PH Chough 05 LSA hut Denise Healey 01