Planning for the future is a vital step in ensuring your loved ones are cared for and your wishes are honored.
Writing a will is for everyone – you don’t need to be wealthy or old to create one.
As long as you are over 18 years old, having a will provides peace of mind and ensures that your intentions are fulfilled regardless of your age or financial status.
One meaningful way to leave a lasting impact is by including a charitable gift in your will. At Citizens Advice Havering, we deeply appreciate the generosity of those who choose to support our work in this way.
Here’s a guide to the 3 main types of gifts you can leave to a charity in your will: residuary, pecuniary, and specific gifts.
1. Residuary Gifts
A residuary gift is a percentage or all of the remainder of your estate after all other bequests, taxes, and debts have been paid. This type of gift can be particularly powerful because it can adjust with the value of your estate over time, ensuring that your loved ones are taken care of first.
Example:
You decide to leave 10% of your residuary estate to Citizens Advice Havering. After all specific gifts, debts, and taxes are settled, 10% of what’s left goes to support our services.
Benefits of Residuary Gifts:
- Flexibility: The value of the gift can change with your estate, potentially increasing over time.
- Priority for Loved Ones: Ensures your loved ones are provided for before the charity receives its share.
Wording for a Residuary Gift:
“I give the residue of my estate (or I give; _____% of the residue of my estate) to Citizens Advice Havering, Romford Central Library, First Floor, St Edward Way, Romford, RM1 3AR (Charity registration number 1002593) for its general charitable purposes absolutely. I further direct that the receipt of the Chief Executive or other proper officer of the said charity for the time being shall be a full and sufficient discharge for the said gift.”
2. Pecuniary Gifts
A pecuniary gift is a fixed sum of money specified in your will. This type of gift is straightforward and ensures that a set amount is donated to the charity of your choice.
For Example:
You include a clause in your will stating, “I leave £5,000 to Citizens Advice Havering.”
Benefits of Pecuiniary gifts:
- Simplicity: Easy to understand and include in your will.
- Certainty: Guarantees a specific amount will be donated to the charity.
Wording for a Pecuniary Gift of Money or an Item:
“I give the sum of £_____ (or I give [description of item]) to Citizens Advice Havering, Romford Central Library, First Floor, St Edward Way, Romford, RM1 3AR (Charity registration number 1002593) for its general charitable purposes absolutely. I further direct that the receipt of the Chief Executive or other proper officer of the said charity for the time being shall be a full and sufficient discharge for the said gift.”
3. Specific Gifts
A specific gift is a particular item or asset, such as property, stocks, or valuable personal items. This allows you to donate something with sentimental or monetary value directly to the charity.
For Example:
You might leave a piece of jewelry, a car, or shares in a company to Citizens Advice Havering.
Benefits of specific gifts:
- Personal Touch: Allows you to donate items that are meaningful to you.
- Potential for Appreciating Value: Certain assets, like stocks or property, may increase in value over time.
How to Include a Gift to Charity in Your Will
Including a gift to charity in your will is easier than you might think.
Here are the general steps:
1. Decide on the Type of Gift Consider which type of gift best suits your intentions and estate planning.
2. Consult a Solicitor: A legal professional can help ensure your will is correctly drafted and valid.
3. Draft or Update Your Will: Include the details of the charity and the type of gift you wish to leave.
4. Inform the Charity: In this case, let Citizens Advice Havering know about your intended gift so we can acknowledge your generosity and plan for the future.
In Summary…
Leaving a gift in your will to Citizens Advice Havering is a powerful way to ensure we can continue to provide vital support to those in need for years to come. Your generosity can make a lasting difference in our community. If you are considering including a gift to Citizens Advice Havering in your will, we would be deeply grateful.
Glossary: Will Writing Services
Solicitors:
Legal professionals who can provide comprehensive will-writing services and advice. They ensure your will is legally binding and accurately reflects your wishes. They can also advice on storage of your Will and updating your existing Will.
Online Will Writing Services:
Convenient and often more affordable options for drafting your will online, with templates and guidance provided.
– Examples: Co-op Legal Services and Farewill.Remember a Charity
Citizens Advice (National) are strategic partners in the Remember a Charity consortium, and their website contains lots of further information and guidance on how to leave a gift to charity in your will.
Contact Us
If you have any questions or need further assistance, please do not hesitate to contact us. We are here to help guide you through the process and ensure that your legacy makes a lasting difference.
Contact Information:
Phone: 01708 765 200
Email: [email protected]
Address: Citizens Advice Havering, Romford Central Library, First Floor, St Edward Way, Romford, RM1 3AR
By including Citizens Advice Havering in your will, you are helping us continue our mission of providing vital advice and support to our community.
Thank you for considering such a meaningful contribution.
**Disclaimer**: This article does not constitute legal advice. Please contact a solicitor or seek professional advice when you want to take any action regarding your will.
More Information on leaving a Legacy can be found on the National Citizens Advice Website
