“What is a legacy gift and how do they work?”
A legacy gift is simply a gift to a charity or non-profit organization that actualizes when you pass away. It is usually instigated by means of (part of) a will, and can come in many forms:
RESIDUARY GIFT: A share of your estate – after you have provided for your loved ones and paid for administrative expenses, a share (or the remainder) of your estate is given to charity.
PECUNIARY GIFT: a cash gift, an exact amount of money to be left to a charity.
SPECIFIC GIFT: A named item, such as a painting, land, shares or a specific named item left to charity.
LIFE INTEREST TRUST: a gift left to someone for a specific time at which point it can be passed onto the charity.
CONDITIONAL GIFT: dependent upon another event happening first e.g., your Will may state that a gift can only apply if all other beneficiaries named in your Will die before you do.
In terms of the technicalities of actually setting up a legacy gift, the intricacies are best left to a lawyer – giving a legacy gift will, in most cases, mean making a change to your will, and doing so alone can invalidate your Will or lead to disputes if not done in the correct manner. If you do indeed already have a Will you can either make a Codicil, an addendum to your existing will, or make a new one (with the help of a lawyer).
Lawyers will also be able to advise you regarding inheritance tax and any benefits of legacy giving. You should aim to find a qualified lawyer such as a Solicitor or Chartered Legal Executive who specialises in this area – they are regulated by official governing bodies and will have the most up-to-date information to meet any queries you might have.
Tayntons Solicitors, Gloucestershire’s premier law firm, have kindly agreed to donate 10% of the cost of every Will prepared by their legal team (exclusive of their online Will service) back to HEART HEROES but you must remember to quote “HEARTHEROES21” at the point of instructing them.
“Why should I leave one?”
Heart Heroes works with children and their families living with heart conditions, and at Heart Heroes we:
- Support children with heart diseases aged 0 – 16.
- Organise events and provide socialising opportunities for children to attend.
- Aim to introduce families with similar experiences so that they can support each other.
At Heart Heroes, providing families access to events where they can see their children enjoying themselves and finding companionship in other children going through a similar ordeal, has huge effects in alleviating some of the stress of living with congenital heart diseases, and provides a platform for emotional support from other carers on the same journey.
- Heart defects are diagnosed in at least 1 in 150 births – that’s an average of 13 babies each day in the UK – with more diagnoses later in life.
- Heart defects are the most common congenital anomaly in babies born in the UK.
Every donation, big or small, helps us immensely and has tangible effects on the lives of those impacted by congenital heart diseases.
Heart Heroes would be extremely grateful for any support you can give. If you would like to leave Heart Heroes a legacy in your Will, please ensure you use their registered Charities commission number: 1183079
YOU ARE UNDER NO OBLIGATION TO TELL THEM WHAT YOU HAVE DECIDED, HOWEVER THEY DO LIKE TO THANK THEIR SUPPORTERS PROPERLY FOR THEIR SUPPORT.