We are moving!
On Friday 21st November Sussex Community Foundation is relocating to Suite B, Falcon Wharf, Railway Lane, Lewes, BN7 2AQ. Our new telephone number will be 01273 409440.
Setting Up a Legacy
Types of Legacy
Below is an outline of the different types of legacy. Ask The Foundation to give your solicitor suggested wording for each type that you are considering for inclusion in your Will.
- Pecuniary Legacy - a fixed sum of money made explicit at the time of writing a Will.
- Specific Legacy - a gift of goods that is made explicit at the time of writing a Will, for example property or shares.
- Residuary Legacy - is the remaining value or percentage of the value of an estate when all other bequests to family and friends, debts and expenses have been paid.
- Reversionary Legacy - The Foundation will not inherit until after the death of another person, who has the benefit of the estate during his or her lifetime. The balance of the estate is then passed to the Community Foundation.
Remember: Leaving a residuary legacy may be preferable to leaving an actual amount as it allows the value of your gift to stay in proportion to the size of your estate and keeps pace with inflation.
Support a Fund
Gifts of all sizes are welcome. There are a number of options available;
- A gift of any size can be donated to the Sussex Investment Fund, the income from which will be used to support a wide range of needs across Sussex.
- You can also leave a gift of any size to one of the existing funds.
A gift of £25,000 or more can be used to set up a Named Fund. This enables you to choose the name of your fund and the causes you want to benefit. The Foundation will ensure that grants are awarded according to your wishes and your Fund will continue to be a lasting legacy for the communities of Sussex.
For more information see Named Fund
Establishing a Memorial Fund
A Memorial Fund at the Sussex Community Foundation is an ideal way to remember a family member, friend or colleague. With a minimum donation of £25,000 you can set up a Named Fund in memory of your loved one.
The money will be invested and you can choose how the income is spent. For example the fund could support a particular issue they were interested in during their lifetime or projects close to where they lived or worked.
The grants will be made in the name of the person ensuring that their memory lives on in the local community for many generations to come.
For more information see Named Fund
Making a will
Making or changing a Will does not have to be expensive or complicated. You should always take professional advice from a Solicitor, but please contact us if you would like help in any way.
If you already have an existing Will and it is still accurate and up-to-date then ask your Solicitor to amend it to include the Sussex Community Foundation. The simplest way to make minor changes or additions is by making a Codicil.
If you haven’t yet made a Will, consult a Solicitor and ask them to name the Sussex Community Foundation as a beneficiary in your Will.
Let us know
If you decide to leave a gift in your Will to the Community Foundation please tell us about it, we can give advice on how to make best use of your charitable bequest. Any information you give us will be treated in strict confidence.
You may also wish to consider setting up the fund with an initial donation during your lifetime. This gives you the chance to see the benefit of your donation, and your involvement would be very welcome.
…and remember
A legacy is a great way to leave a memorial for the local community and The Foundation can also help you to support local charities in your own lifetime.
Tax benefits
The total value of a person’s estate is calculated on their death. Each year in the Government’s Budget, the Chancellor of the Exchequer sets the tax threshold. If the estate is worth more than the tax threshold, the amount above the threshold is liable for Inheritance Tax.
When a legacy is left to a charity, the gift is totally tax free - regardless of the amount. Moreover, the value of the gift is deducted from the total gross value of the estate. This may reduce the amount on which tax is payable. For example, if the value of the estate is £10,000 over the tax threshold, £4,000 in tax must be paid. However, if a legacy of £10,000 is left to a charity, no tax is payable on the estate as the legacy is tax exempt and this would bring the estate to below the tax threshold.