How do I leave a legacy to Strive for Excellence (Irovo)?
If you have never made a will you should consult a solicitor or trained will writer for sound professional advice to ensure that your wishes are honoured. If you wish to leave a legacy to a charity and you already have a will, you only need make a small addition to it, called a codicil (see below). In both cases we recommend you speak to a solicitor. They will be able to advise you whether you can make a simple addition or amendment with a codicil.
Important: If you wish to leave a legacy that benefits STRIVE FOR EXCELLENCE (IROVO), it is important that you include this vital information:
- Name of Charity: STRIVE FOR EXCELLENCE (IROVO)
- Address: 55 CLIFTON DRIVE LYTHAM FY8 1AL
- Registered Charity Number: 1170935
What kinds of gift can I leave?
There are three main types of gift you can leave in your will:
- A share of your estate (called a residuary legacy) is the whole or a percentage of the remainder of your estate once all other legacies and costs have been paid. This will make the biggest difference to our work as it is most likely to maintain its value.
- A fixed sum of money (called a pecuniary legacy). This type of gift may decrease in value over time due to inflation.
- A particular item of value such as jewellery (called a specific legacy). Strive for Excellence will sell the item(s) and use the funds.
Please seek professional advice about which option is best for you.
Examples of codicils
Residuary Legacy: I give 15% share of my real and personal property not hereby or by any codicil hereto specifically disposed of after payment of my debts, pecuniary and specific legacies, funeral and administration expenses and any taxes in respect of my estate to STRIVE FOR EXCELLENCE (IROVO) 55 CLIFTON DRIVE LYTHAM FY8 1AL, Registered Charity No. 1170935, to be applied for its general purposes.
Pecuniary Legacy: I give the sum of £10,000 to STRIVE FOR EXCELLENCE (IROVO) 55 CLIFTON DRIVE LYTHAM FY8 1AL, Registered Charity No. 1170935 free of inheritance tax, to be applied for its general purposes.
Specific Legacy: I give my stamp collection to STRIVE FOR EXCELLENCE (IROVO) 55 CLIFTON DRIVE LYTHAM FY8 1AL, Registered Charity No. 1170935 free of inheritance tax, to be applied for its general purposes.
How much should I give?
Any amount will make a huge difference to the lives of the children at Shalom Academy and the village of Irovo.
Should I keep it private?
It is your choice whether you wish to share the details of your will during your lifetime. However, if you share your intentions with us it would help us plan our future work and give us the opportunity to thank you.
What if I change my mind?
You are free to change your mind about your proposed gift at any time.
A solicitor can help you amend your will or add a codicil at any time and will make sure your will takes account of changes in your circumstances that may take place later in life.
What are the implications of Inheritance Tax?
- Gifts in wills to charities can save tax.
- Inheritance tax is currently charged at 40% if your estate is over a certain value. If you leave a minimum of 10% of your estate to charity, it benefits from a reduced rate of 36%, increasing the value of the rest of your estate to other beneficiaries.
- Current Inheritance Tax information available here: www.hmrc.gov.uk/inheritancetax
How will my gift be used?
Your gift will be spent as effectively and cost-efficiently as possible. Your support will help us continue educating children in Irovo. Unconditional gifts are the most useful because we cannot be sure where the greatest need will be in years to come. However, if you would like your gift to be spent on a particular project, we shall honour your wishes as closely as possible. It would help us if your specific requests are stated as a preference rather than a condition. We will of course let your family and friends know how the legacy has been used.
As executor of a will that benefits Strive for Excellence, how do I ensure the legacy reaches you?
If you are an executor of a will where there is a bequest to Strive for Excellence, please get in touch with our Chair of Trustees Alan Whelan at hello@irovo.org or 07904 910686.
If you have any questions about leaving a gift to Strive for Excellence in your will please call Chair of Trustees Alan Whelan at hello@irovo.org or 07904 910686 for confidential advice.
