CLAIRE KINGHAM
In an age where there is an increasing reliance on local charities to meet the basic needs of our islanders, it is perhaps time to consider a charitable gift by will.
This may be done in a number of ways, for example:
Specific Bequest
This is a gift of a specified part of your estate, to pass to the beneficiary in specie, for example, “…my collection of stamps unto ..”
Pecuniary Legacy
This is a cash gift, for example “..£1,000 unto [name of chosen charity], for itself, absolutely”.
Demonstrative Legacy
This is a gift which is directed to be satisfied out of a specific fund or a specific part of your estate, for example, .. “£1,000 from my Nat West current Account number….”.
Gift of residue
This is a gift of a portion (e.g. a percentage) or all of your estate, once your debts and any specific , pecuniary or demonstrative legacies have been paid.
Conditional Gift
For many of us our home is our most valuable assets and you may feel that you will have insufficient cash available upon your death to make a charitable gift. In such cases it may be worth considering a conditional gift. This is where a condition is attached to the gift, which must be satisfied before the gift can be made, for example “.. my estate unto John Smith subject to the condition that he gifts the sum of £1,000 unto [name of chosen charity]”.
As with any gift by will, it is prudent to take advice and have your will drafted by a professional. This is particularly important where gifting to charity by will, as there are legal requirements that must be observed to ensure that a charitable gift is valid. The issues created by defective drafting can be costly to rectify upon your death and may delay the administration of your estate considerably.
