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The Gift of a Lifetime


Legacies are the largest single source of income to UK charities and make a vital difference to good causes across the country.  A legacy allows you to make your mark on the world by providing for a good cause that is close to your heart.  Free of inheritance tax, a donation made in your will can also help reduce the tax burden on your estate. 


How does it work ?


A charitable legacy could be a gift of money or of any other assets that you leave behind.  While there are several options to consider, there are two main types of charitable legacies; pecuniary and residuary.    

  1. •a pecuniary legacy specifies a sum of money or item of value to be donated

  2. •a residuary legacy allows you to donate a percentage of the net value of your estate or the remaining sum after you have provided for family and friends.



What do you need to do?


To leave a legacy to a charity, you need to include details of the donation in your will.  This can be done by either :


  1. •writing a new will -  once written, it makes any wills made by that person in the past void. (Most wills will start by reciting that you're making a will and that you're revoking previous wills.)

  2. •making an amendment or ‘codicil’ to an existing will  - i.e. to change the value of a gift of money; or to add/change an executer or make a new gift.  (This is straight forward but problems can occur if you ever want to cancel the will in the future. When you cancel a will with a codicil, the codicil does not get cancelled automatically, so when you make a new will it can create inconsistencies and legal problems. If you choose to use a codicil be very careful that next time if you make a new will, it clearly states that you are revoking all wills and codicils previously made.)

  3. •setting up a Trust


Your solicitor or professional adviser will be able to tell you more.


For further details contact Celia Washington celia@kathmanduarts.org to find out more about leaving a legacy to Kathmandu Contemporary Arts Centre today.