Leave a Legacy

Legacies can be the single most valuable gift you ever give someone and could save you up to 40% in inheritance tax. After you have provided for your spouse, family or friends, why not make an impact on future generations and leave a portion of your estate to Thrive Africa.

How do I make a Will?

To make sure that your money goes to the people you choose, all adults should make a Will. It is quite straightforward and can be done fairly simply by seeking advice from a solicitor or a professional will writer who will be able to offer you the best advice. It is possible to buy DIY will kits, however these often cause more problems than it is worth.

» Use The Big Give’s ‘guide to making a Will’ to help you get started.

Where do I find a solicitor?

You can find a local solicitor by using the Law Society search facility, or a Will Writer form.

Can I change my Will?

Yes, you can change your Will as often as you want. It is very important to update your Will regularly to ensure that it reflects your current wishes and circumstances.

How do I change my Will?

If you already have a Will, but wish to add a legacy there is no need to change the whole Will. You simply need to fill in a short form called a codicil instructing your bequest, and take it or send it to your solicitor. Do not cross anything out or make any changes to your actual Will as this will make it invalid.

What type of charity legacy can I leave?

1.) pecuniary bequest – a specific sum of money
2.) specific bequest – a particular item of value, such as jewellery or an antique
3.) residuary bequest – what is left of your estate after expenses and all other wishes have been met
4.) conditional bequest – a gift which is passed to charity, if the person for whom it was intended dies before you

What tax benefits do I gain?

Gifts to charity are exempt from Inheritance tax (IHT) (which is charged at 40% of the value of your estate), they can also help to reduce the value of your estate, and therefore your tax liability. The tax threshold changes according to the chancellors budget however for 2008/2009 it stands at £312,000 for individuals.

As an example if you had an estate with the value of £500,000 then £188,000 of that is subject to 40% tax. Your estate would therefore actually only be worth £424,800 as £75,200 would go to the government. However any amount of your £500,000 that you leave to charity would be tax free, therefore the charity would get 100%.

Can I request that my money is used for a specific project?

You can make your specific wishes known, however rather than writing a specific project into your Will, it is better to keep the legacy wording general and then add a separate letter of wishes.

This means that if the specific project has finished by the time we receive your money, we will still be able to make use of it, otherwise we may not legally be entitled to receive your gift at all. We would advise you to speak both to us and to your solicitor should you wish to do this.