If you choose to leave the Guild a legacy the services of a Solicitor should first be sought for the purposes of making a Will. Solicitors are experts in this field and helping people to make a Will is an important part of their work. For UK taxpayers donations to the Guild are free of both Capital Gains Tax and Inheritance Tax, whether made during a person’s lifetime or as a bequest in a Will.
There are numerous types of legacy and the most common are described below:-
The Pecuniary Legacy
This is a simple form of legacy giving a specified amount of money to a named individual or organisation and is easy to administer. However, it does have the drawback in that inflation will reduce the monetary value of such a legacy.
The Residuary Legacy
This involves leaving all or part of the net residue of an estate after all pecuniary legacy, debts, fees and other charges have been met. Therefore, there is no requirement to quantify the amount to be left or to take into account the effect of inflation.
The Conditional Legacy
This is suitable for those who would not otherwise wish to bequeath any of their estate to the Guild. It provides an alternative to an estate going to the Crown in the event that none of the named dependents or other beneficiaries survives the deceased. In this event the entire estate would be given over to the Guild as the ultimate beneficiary.
The Specific or Non-Monetary Legacy
This relates to the gift of particular items, for example property, paintings, stocks and shares or the proceeds from a life insurance policy.
Other Types of Legacy
If a person is a beneficiary under a Will, all or part of the inheritance may be transferred to the Guild by means of a ‘Deed of Variation’. Amounts transferred in this manner are free from inheritance tax, thus giving the Guild the opportunity of benefitting during that persons lifetime.
What Next?
- Decide which type of gift you wish to leave to the Guild.
- Consult your chosen Solicitor.
- Arrange for your Solicitor or friends / family to act as executors of your estate.
- Download and complete the Legacy Pledge Form and send to the Hon. Secretary, The Guild of Benevolence of the IMarEST, 80 Coleman Street, London EC2R 5BJ.
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