Legacies.
Please consider leaving a legacy to Maryvale Institute in your Will. There are alternative types of legacy you could make to in English law:-
Specific Percentage - this is to bequeath a certain proportion of the value of your estate, e.g. 5% of £50,000 would leave Maryvale a gift of £2,500
Residuary - a legacy of the remainder of the estate after settlement all of your other bequests, debts and costs
Specified Pecuniary - a legacy of a fixed amount of money
Specific - a gift of a specifically named item or items, e.g. jewellery or a book
Contingent - where the gift depends on an uncertain occurrence, e.g. that the legacy should apply only if another beneficiary in the Will dies before the person making the Will.
Already have a will?
If you have a Will already, a minor alteration or addition can be made with a Codicil - an instruction kept with your existing Will.
Inheritance Tax.
Money left to a spouse or a charity such as Maryvale Institute is not liable to Inheritance Tax and it will not only help the Institute but usually reduces the tax liability, as gifts to charities are deducted from the total value of your estate before taxation.
Wording.
Here are some suggestions for insertion in your Will.
Specific Percentage Bequest
'I give [%] of my real and personal estate to the Maryvale Institute, Registered Charity number 1068634, of Maryvale House, Old Oscott Hill, Birmingham B44 9AG and the receipt of the Director or the designated officer of the Trustees of the Maryvale Institute Trust Fund for the time being shall be a complete discharge to my Executors.'
Residuary Bequest
'I give [%] of the residue of my real and personal estate which I can dispose of by Will in any manner I think proper to the Maryvale Institute, Registered Charity number 1068634, of Maryvale House, Old Oscott Hill, Birmingham B44 9AG and the receipt of the Director or the designated officer of the Trustees of the Maryvale Institute Trust Fund for the time being shall be a complete discharge to my Executors.'
If you have any questions, or would like some more information, please contact Michael Huxley-Evans either by phoning 0212 360 8118, or by using this Contact Form to send an email.
