Leaving a Legacy
Leaving a legacy in your will can ensure our doors stay open to support local people at times of crisis.
What is a legacy?
A legacy, also known as a bequest, is a gift that you leave in your will.
There are three types:
A Pecuniary Gift is a cash gift of a specific sum of money.
It’s worth bearing in mind that the effects of inflation mean that this type of gift is likely to lose value over time and may end up being less than you initially intend.
A Residuary Gift is a percentage sum of your estate.
After all individual gifts have been allocated, the remainder of your assets are divided up on a percentage basis. The benefit of a residuary legacy is that the value is not affected by inflation as it is not a fixed sum.
A Specific Gift is a gift of a specified item.
This can be a personal possession, land, buildings or stocks and shares.
If you would like to talk to someone from our organization about leaving a gift, please don’t hesitate to get in contact with us.
Email our Chief Officer, Mark Hitchcock
How do I start the process?
If you have not drawn up a will yet, we suggest you consider consulting a solicitor about your wishes. It is important to note, however, that there is no need for a will to be drawn up or witnessed by a solicitor.
If you do decide to use a solicitor, you can look at the Law Society’s website for local suggestions.
In preparation for speaking with a solicitor, we recommend creating a list of any assets you have or any liabilities that will need to be taken care of. This can include bank accounts, property, insurances, jewellery and debts, mortgages or loans.
You will also need to appoint an Executor.
This is a person you trust to ensure that your wishes are carried out. You can ask a family member, a friend or your solicitor. It does not matter if your executor benefits from your Will.
For additional guidance on making a will, we have free and up-to-date advice available on our website.
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“I give all (or a ___% share) of the residue of my estate to Norfolk Citizen’s Advice Bureau, Broadland House, 54 Whiffler Road, Norwich, Norfolk NR3 2AY, registered charity number 1071297) for its general charitable purposes. I further direct that the receipt of the Chief Executive or other proper officer of the said charity for the time being shall be a full and sufficient discharge for the said gift.”
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“I give to Norfolk Citizen’s Advice Bureau, Broadland House, 54 Whiffler Road, Norwich, Norfolk NR3 2AY, registered charity number 1071297 the sum of £___ for its general charitable purposes. I further direct that the receipt of the Chief Executive or other proper officer of the said charity for the time being shall be a full and sufficient discharge for the said gift.”
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“I give (specify item) to Norfolk Citizen’s Advice Bureau, Broadland House, 54 Whiffler Road, Norwich, Norfolk NR3 2AY (registered charity number 1071297) for its general charitable purposes. I further direct that the receipt of the Chief Executive or other proper officer of the said charity for the time being shall be a full and sufficient discharge for the said gift.’
What should I write if I want to leave a gift?
There are 3 types of ‘gift’ you can leave in your will.
What if I already have a Will?
If you have already made your Will and wish to change any part of it you need to add a codicil.
This is simply a form that is added into your will and reflects any changes to your circumstances. If you need a codicil, there is one available below for you to print out and complete or contact us and we would be very happy to send you a paper copy.
Are there any tax benefits to leaving a gift?
Gifts to charities are exempt from Inheritance Tax!
In some cases, your gift could also reduce the amount of Inheritance Tax your loved ones are liable for. To find out more, visit the HM Revenue and Customs website or consult your solicitor.