LEGACIES AND THE FRIENDS
Did you know that two out of three people have not made a Will? Perhaps you are one of those or perhaps you are planning to make a will or change one you have already made to bring it up to date.
It is easy to put things off. But making a will gives you peace of mind and a guarantee that your estate will go to people and causes you care about. It might be easier than you think but if you do decide to make or change a will you may need to consult your legal adviser.
Leaving a gift in your will is an excellent way to support the Friends of the Settle-Carlisle Line, usually known as FoSCL or the Friends. If you decide to leave a gift in your will to FOSCL you will be investing in the future of a dedicated organisation. No matter what the value of the legacy is, you can be assured that it will be put to good use.
Any bequest to FOSCL is free from inheritance tax. FoSCL are not a charity but gifts to them have a special exemption from this tax as “Gifts for National Purposes”, in common with some of the National Parks.
Here are some examples of the types of gift you can make in your will.
(a) Pecuniary Bequest
A gift of a fixed sum of money.
(b) Specific Bequest
A particular named item left as a gift such as a property or an investment or a percentage of the proceeds of sale of the property or investments in common with other good causes.
(c) Residuary Bequests
A gift of the remainder of your estate after all other bequests have been made and debts cleared.
(d) Contingent Bequest
A gift in your will that depends on something which may or may not take place. For example, a bequest to FOSCL which applies only if other beneficiaries are not there to benefit.
SUGGESTED WORDING The wording below is recommended for the first two types of gift (a) or (b):
I GIVE and BEQUEATH to the Friends of the Settle-Carlisle Line c/o The Secretary, 74 Springfield Road, Baildon, Shipley, W. Yorks. BD17 5LX the sum of £___________.
I GIVE and BEQUEATH to the Friends of the Settle-Carlisle Line c/o The Secretary, 74 Springfield Road, Baildon, Shipley, W. Yorks. BD17 5LX, the net proceeds of sale of my property known as ¬¬¬_______________________________ [or with reference to investments].
I GIVE and BEQUEATH to each of the following organisations the percentage set opposite their names out of the net proceeds of sale of my property known as ________________ _________________ [or with reference to investments].
USE OF LEGACY
A legacy to FoSCL will be used for its general purposes or it can be designated for a particular purpose or object, e.g. towards the current appeal for the property at Dent Station which will be on-going in view of restoration works needed.
Colin Luckett - Legal Adviser