Leave a legacy

All you need to leave a gift in your will is our registered address (The Elms, 61 Green Lane, Redruth TR15 1LS) and our registered charity number (1089721).

Leave a legacy

All you need to leave a gift in your will is our registered address (The Elms, 61 Green Lane, Redruth TR15 1LS) and our registered charity number (1089721).

How to make a gift

It is possible to write your own Will, but even simple Wills have to comply with legal formalities to be valid.

If you do decide to leave a gift to Cornwall Neighbourhoods for Change, it can be any sum, a specific item or a percentage of your estate. A gift could also help to reduce the inheritance tax liability of your estate. You will need to let your solicitor know our registered charity number (1089721) and address (The Elms, 61 Green Lane, Redruth TR15 1LS).

Whether you are making your first Will, amending your existing Will with a codicil or rewriting it, you should seek professional advice from a solicitor or professional Will writer on the options available.

Types of bequest

There are several different types of bequest. Below are some of the ways of leaving a gift to Cornwall Neighbourhoods for Change.

Making a general bequest

Sometimes called a pecuniary bequest, this involves giving a sum of money to a specific recipient. In the case of leaving a fixed sum, you may choose to link your bequest to the Retail Price Index (RPI) so that its value will be maintained over time.

Making a specific bequest

This is a gift you make of a particular item or sum of money, which is given to a specified recipient.

Making a residual bequest

A residual bequest to Cornwall Neighbourhoods for Change would be a percentage of the remaining value of your estate, after all the other bequests have been made, and any debts and tax demands settled.

Demonstrative bequest

You can also give a gift of money that is to be donated to Cornwall Neighbourhoods for Change when a specific item is sold. An example of a demonstrative bequest would be: “I leave Cornwall Neighbourhoods for Change the proceeds from the sale of [my vintage motorbike].”

Why planning in advance could save your tax liability

A bequest left to charity may also help to reduce the inheritance tax liability on your estate. For example, if your estate is £20,000 over the amount allowed as tax-free, and you leave Cornwall Neighbourhoods for Change £2,000, then inheritance tax will only be payable on £18,000. If your estate is worth more than £325,000*, it will be liable to inheritance tax at 40%.

If you leave more than 10% of your entire estate to charity, then the total amount of inheritance tax you pay reduces from 40% to 36%.

A tax consultant or financial advisor can provide further information or advice about inheritance tax planning. *Threshold correct at the time of writing.

Keeping your Will up to date

As life goes on, circumstances change. It is important to keep your Will updated to reflect this. This can easily be done by adding a codicil to your existing Will or by rewriting it altogether.