WHY SHOULD I MAKE A WILL?
Some people never get round to making a Will. This can cause much pain and distress since, without one, your estate will pass on to your heirs in the order and in the proportions set out in the Law of Intestacy. This may mean that some people that you do not have especially liked to benefit may not do so and Charities which you might have liked to support will receive nothing.
It is therefore always worth the time to ensure that what you wish will be carried out. Your solicitor will give you all the help you need in drawing up the exact working of your Will but you may want to think about the different legacy options before you go along.
Each year the gifts that have been left to the Community have been used to continue the work of the Community and keep the vision alive through the work of
WILD GOOSE RESOURCE GROUP – bringing new forms of worship and empowering individuals.
CAMAS CENTRE – giving young vulnerable people an opportunity to find value and develop self confidence.
MAINLAND YOUTH TEAM – developing their work helping young people to meet the challenges of today.
ABBEY AND MACLEOD CENTRES – bringing people from all walks of life together to discover new ways of being and of action for a better world.
Will forms are available from most Post Offices but a ‘home-spun’ effort is not without dangers. The slightest mistake or ambiguity may make it invalid. It is always best therefore to ask a Solicitor to help you with this task.
The expense of using a Solicitor to draw up a Will may be less than you fear and it will certainly be less than the expense of sorting out a badly drawn Will. If the cost of drawing up or changing your will is of concern, the Community will offer financial assistance on request.
Prepare for your meeting with the Solicitor:
1. Take with you any previous Wills or Codicils.
2. Prepare a rough value of your estate.
3. List out, with names and addresses, the bequests that you want to make, and note down what you want to do with the residue of your estate.
4. Jot down any questions you have for your solicitor.
Your Solicitor will give you all the help you need in drawing up the exact wording of your Will but you may want to think about the different legacy options before you go along.
1. A SPECIFIED GIFT OF MONEY
This is what is called a Pecuniary Legacy and is one of the most common types. With this the Testator (the person making the Will) just outlines what sums of money they would like to leave to specified individuals or charities.
2. A RESIDUAL LEGACY
It is becoming increasingly common for people to leave to charity what is left of their Estate after specified legacies have been deducted. The portion of the Estate which is left over is called the Residue. This means that family and friends can be remembered while the residue – which is impossible to assess accurately at the time of making the Will – is taken care of in a way which will benefit numerous others. It is also perfectly possible to bequeath fractions of the residue between family, friends and charities as you see fit.
3. CONDITIONAL LEGACY
The third main type of legacy is called a Conditional Legacy. This is used if you wish to make some provision for specific individuals but would like to direct that money to another cause, such as charity, should that individual happen to die before you. Wordings for this can vary considerably and your Solicitor would be the best source of advice.
TAX ADVANTAGES ……………
If your Estate is worth more that £325,000 (as at 2021), your beneficiaries will be liable to pay 40 per cent Inheritance Tax on the amount over £325,000. But there are ways of avoiding Inheritance Tax. Legacies to charity are tax free, so by remembering the Iona Community in your Will, you will pass on the maximum benefits of you Estate. Inheritance Tax is payable on a person’s Estate. It takes into account gifts made in the seven years before death. All gifts between husband and wife are exempt.
Leaving a legacy is a positive decision that can be made today, but will cost you nothing – and as we are a registered charity, your gift will be free of Inheritance Tax. The gift is subtracted from the net value of your Estate when the total liability is decided. Your family can reduce or avoid paying Inheritance Tax, and your precious gift could be funding the continuing work of the Iona Community.
There are Members of the Community who would be very please to talk this over with you to try and answer any queries which you may have.
The Iona Community
21 Carlton Court
Glasgow G5 9JP
Tele: 0141 429 7281
e-mail: [email protected]
Registered Charity No. SC003794