Leave a Legacy
Legacies are extremely important to UFAW. Most of the charity's work is possible only because of the support of people who leave a lasting gift to the future of animal welfare.
Below is a step-by-step guide to leaving a legacy to UFAW.
If you wish the whole or part of your legacy to go to the UFAW/SAWI Fund for animal welfare in Israel please contact the UFAW office for further information.
If you have any questions or would like a printed copy of the guide, please phone UFAW on 01582 831818, fax 01582 831414 or email ufaw@ufaw.org.uk
Advice on leaving a legacy to UFAW
This information sheet has been produced for UFAW supporters who wish to consider leaving a legacy to UFAW in their Will. It is intended to help you choose the appropriate type of gift to leave and provide your solicitor with the relevant details for drawing up your Will. It also provides appropriate wording for adding a Codicil (extra wishes) to an existing Will.
Most people are aware of the importance of making a Will: to ensure that money, property or possessions are allocated as you would wish, and to ensure that appropriate and adequate provision has been made for any children or other dependents. A common misconception preventing people from doing so is the thought that it will be expensive. A properly drawn up Will by a solicitor should cost about £70 or slightly more for mirror Wills produced for married couples. It is recommended that you see a solicitor to draw up your Will for the reassurance that your possessions will be distributed according to your stated wishes and so that this is not left for the law to decide.
Who should you include?
Ensuring that your loved ones are looked after is obviously a priority for most people looking to make a Will. Once you have provided for family and friends, you may choose to remember causes that you hold dear by leaving a pecuniary or residual bequest to charities whose work you have supported or admired. Charitable legacies can also reduce the liability of your estate to inheritance tax.
How a legacy will help UFAW pursue its objectives
UFAW's success in improving conditions for animals is not only due to UFAW's rational and scientific approach to tackling animal welfare problems but also because the charity is independent and not beholden to universities, government departments or commercial enterprises. This independence is possible due to the generous support the charity has received over the years in the form of donations and legacies from concerned individuals. This support has allowed UFAW to plan for the future and undertake long-term projects. About 50 per cent of UFAW's annual income is from legacies so your support is essential if UFAW is to continue to work for improvements in animal welfare, both now and in the future (see back page for some examples of UFAW's activities).
A simple guide to making a Will
- Work out the value of your estate
Make an estimate of the total sum of your property, money and possessions and any debts, such as mortgages, that are outstanding. A helpful guide is listed within. - Decide who you want to benefit
You can share your estate between anyone you wish - your spouse, children, family or friends. Many people, after providing for their loved ones, also choose to remember charities and causes they have supported or admired This can also help to reduce the amount of inheritance tax payable on your estate. - Decide what sort of gifts to leave
There are many different gifts you can make: money, possessions or a share of your estate. Some of the legal terms are explained in this booklet. A solicitor will be able to give further advice. - Choose your executors
Executors are people who will be able and willing to ensure that the wishes of your Will are carried out as you have requested. Executors can be professional advisers, such as a solicitor or your bank, or friends or family. It does not matter if the executors stand to benefit from your Will. - Arrange to see a solicitor to make your Will
It is important to involve a professional in making or checking your Will as if all the legal formalities are not correctly followed your Will may be declared invalid. Before you see your solicitor you may wish to draw up a list of questions to ask them. - Keep your Will safe
Make at least two copies and entrust one to your solicitor or bank. Tell your executors where the Will is to be found. - Keep your Will up to date
You should periodically check your Will to ensure it still reflects your wishes and any changes in your circumstances - such as the sale of your house, marital status changes, the death of a friend or family member, or the birth of child, grandchild or other close relative, You can up date your Will at any time by re-writing it or by adding a codicil.
Your support can help ensure a future of animal welfare improvements.
Please remember to include UFAW in your Will.
Types of Gift
There are three main ways to make a gift or 'bequest' in your Will, and you can use any or all of them as you feel appropriate.
Pecuniary bequest
This is a stated amount of money that you choose to leave to a named person, charity or other organisation. The effect of inflation will reduce the value of these gifts over the years, so remember to revise them from time to time, according to your wishes.
Specific bequest
You may decide to leave specific items, rather than money, to someone. You must describe these items exactly and state the name and address of the person or organisation to whom you wish to leave them.
Residuary bequest
When you have decided on all your pecuniary and specific bequests, the remainder of your estate is known as the residue. You need to make clear what you wish to happen to the remainder of your estate with a residuary bequest in your Will otherwise the law will determine what happens to it. Making a residuary bequest is probably the best means by which you can help aid the work of UFAW in improving animal lives.
Trust
A trust is a type of gift which trustees - whom you appoint by name - look after for someone else. For example, a life interest trust is a gift that another person has the right to use during his or her lifetime, after which it passes to someone else of your choosing. Trusts can be useful in providing for dependants - or even for reducing your inheritance tax bill. They are a complex area so do ask your solicitor for advice. You can also set up a discretionary (or named) trust where the trustees have the right to distribute income as they judge best among a group of beneficiaries whom you specify. UFAW administers a number of named trust funds for the benefit of animals.
Wording a legacy to help UFAW
Below are some wordings you may use to make a charitable bequest to UFAW in your Will, or to change your current Will to include us. Your solicitor will be able to check it for you. Thank you for considering UFAW in this special way.
A pecuniary bequest - for a stated amount or for an inflation-proof amount
'I give to UFAW (Registered Charity No. 207996), of The Old School, Brewhouse Hill, Wheathampstead, Herts AL4 8AN,
the sum of £ _______ (in figures and words)
OR
the sum of money produced by dividing the sum of £ _______ (in figures and words) by the index figure in the Index of Retail Prices ('the Index') for the month in which this Will is executed and (having made allowance for any re-basing of the Index which may have happened in the meantime) multiplying it by the Index figure in the Index for the month in which my death occurs
free of tax and duty, to be used for its general charitable purposes and I direct that the receipt of the Treasurer or duly authorised officer shall be a full and sufficient discharge for this bequest.'
A residuary bequest
'I give all (or a _______ % share of) the residue of my estate to UFAW (Registered Charity No. 207996), of The Old School, Brewhouse Hill, Wheathampstead, Herts AL4 8AN, to be used for its general charitable purposes and I direct that the receipt of the Treasurer or duly authorised officer shall be a full and sufficient discharge for this bequest.'
A codicil - to change a Will you have made
'I (name) _________________________________________________of (address) ___________________________________________________ declare this to be a (first/second/etc) codicil to my Will dated ______________day of __________ 20___
(1) in addition to any legacies given by my said Will I give to UFAW (Registered Charity No. 207996), of The Old School, Brewhouse Hill, Wheathampstead, the sum of £ ___________ (or the specific item to be given) free of tax and duty, to be used for its general charitable purposes and I direct that the receipt of the Treasurer or duly authorised officer shall be a valid and appropriate form of discharge.'*
*You can also make a residuary bequest in a codicil by using the residuary wording above, but we suggest you consult your solicitor.
(2) in all other respects 1 confirm my said Will and any other codicils thereto in witness whereof 1 have hereunto set my hand this ________day of _______ 20___ signed by the said __________________________________as a codicil to his/her last Will in the presence of us who at his/her request in his/her presence and in the presence of each other have hereunto subscribed our names as witnesses (signatures, names and addresses of witnesses).'**
** Witnesses (or their relatives) must not be beneficiaries in your Will.
Inheritance tax - and ways to avoid it.
Inheritance tax, which is currently set at 40 per cent, is levied on any estate over a certain value, currently around £300,000. It must be paid before the people you have left money to can benefit; eg if the total value of your estate, which includes your property, is valued at £400,000 then over £40,000 would have to be paid in tax.
The only people who can benefit without your estate being liable for inheritance tax are legal spouses and charities. More importantly, perhaps, any gift made to your legal spouse or to a charity is deducted from your estate before inheritance tax is calculated and these can be used to bring the value of your estate below the tax-threshold. Many people find that they are able to avoid paying tax AND able to make a significant contribution to a charity, with little effect on the value of the estate they can leave to other beneficiaries.
Seek professional guidance
UFAW is happy to answer any preliminary queries you may have about making a Will, but we also recommend that you take the advice of an independent adviser such as your solicitor. Some banks also offer advice.
Your visit to the solicitor - a handy checklist
Use this checklist to prepare for your visit.
1. Your property
List the major items you own, along with their approximate value:
| Property (house/flat etc) | £ _____________ |
| Home contents | £ _____________ |
| Car | £ _____________ |
| Antiques | £ _____________ |
| Jewellery | £ _____________ |
| Paintings | £ _____________ |
| Other items of value | £ _____________ |
2. Your financial assets
List any of the following you may have:
| Bank accounts | £ _____________ |
| Building society accounts | £ _____________ |
| Insurance policies | £ _____________ |
| Company shares | £ _____________ |
| Pensions | £ _____________ |
| Other savings | £ _____________ |
| Other financial assets | £ _____________ |
3. Money you are owed
Write down the name and address of the debtor, the date of the loan and the amount outstanding.
4. Your debts
List any of the following you may have:
| Mortgage outstanding | £ _____________ |
| Other loans | £ _____________ |
| Overdraft | £ _____________ |
| Hire purchase | £ _____________ |
| Credit card debts | £ _____________ |
| Other money you owe | £ _____________ |
Also..
Write down the full names and addresses of your executors and any chosen guardians for your children.
Write down the addresses and numbers of your bank and building society accounts.
List all the bequests you want to make, giving the full names and addresses of the beneficiaries, and full details of the bequest.
Write down the full names and addresses of any charities to which you wish to leave a legacy.
List any questions you wish to raise with your solicitor
.Your local branch of the Citizen's Advice Bureau can provide further advice about Wills and choosing a solicitor: (www.adviceguide.org.uk/index/family_parent/family)
