A legacy is a special instruction, placed into your will, which ensures that an individual or an organisation will benefit from your estate after your death. People often make legacies to charities so that they can continue supporting their work.
We are deeply grateful to all of our generous supporters who have made legacies to Catholic Care and made it possible for us to achieve so much more. Legacies are easy to include in your will, and we provide a suggested wording below.
Including a legacy in your will
Unlike other bequests you make in your will, the good news is that gifts to a charity are exempt from inheritance tax, income tax and capital gains tax. The following wording may be helpful:
For a pecuniary legacy (leaving a specific sum of money)
I give to Catholic Care (Diocese of Leeds) of 11 North Grange Road, Headingley, Leeds, LS6 2BR, the sum of £xxx free of duty, such sum to be applied to the general purposes of the Charity, and I direct that a receipt of the Treasurer or other authorised officer for the time being of the Charity, shall be a good and sufficient discharge to my executors.
For a residuary legacy (leaves the balance of your estate after your other legacies have been honoured)
I give and bequeath all the residue of my estate OR one (fraction) share of the residue of my estate absolutely to Catholic Care (Diocese of Leeds) of 11 North Grange Road, Headingley, Leeds, LS6 2BR, such a sum to be applied to the general purposes of the Charity and I direct that a receipt of the Treasurer or other authorised officer for the time being of the Charity, shall be a good and sufficient discharge to my executors.
Making a will
It’s important to make a will because if you die without one, the law will decide how your estate is divided and distributed – not you, and not your family or friends. Your assets could even go to the government. This means that the people and causes you most wish to support may receive nothing at all. Making a will gives you peace of mind that your assets will be shared out as you want, and legacies within your will ensure that specific gifts go to specific recipients.
If any of the following apply to you, you should make a will:
- You are married or have a partner
- You have children
- You own property
- You own items of value (including sentimental value)
- You have company benefits or insurance policies
- You support a charity and want it to benefit when you die.
Making a will is simple, but to make it easier we recommend that you contact a solicitor (we can even help you find one).