Legacies look beyond today and help build the future for Friends of the Elderly. A gift in your Will helps secure a better future for the people in our care. Legacies have helped Friends of the Elderly establish and maintain vital services and support for frail and vulnerable older people. With half of our voluntary income deriving from Wills, legacies are essential to our ability to provide the care into the future.
There are a number of different types of legacies you can leave:
A residuary legacy is the residue of your estate after the pecuniary legacies and your commitments have been paid.
A pecuniary legacy is a fixed sum of money. The value of these can be reduced by the effect of inflation. It would be helpful if this type of gift could be index linked, so that the real value does not decrease over time. An index- linked gift of £100 left in 1965 would be worth £1,160 today.
A specific legacy is an item like a painting or jewellery
A conditional legacy is where a condition is applied. A child has to reach 18 years of age before they can inherit.
A reversionary legacy is a gift of property subject to prior interest. If a house is left to someone in their lifetime, on their death, the house could be gifted to a charity. The charity has then been given a reversionary interest in the house.
Please help us to keep caring. Send now for our free Will Making And Legacy Pack.
It contains all the information you will need to start making or updating your Will:
- Where to find a good solicitor
- The cost of making a Will
- A preparation booklet and checklists
- Vital details on avoiding taxation
- Meeting your solicitor
For further information please telephone Vivienne Clarke on 020 7730 8263 or email legacies@fote.org.uk