Leaving a Legacy

What kind of Legacy gift can I leave?

Leaving a legacy to charity can take a number of different forms:

• Residual legacy: This is how you leave a percentage of your remaining estate to charity after all other commitments have been made.

• Pecuniary legacy: This is the gift of a specific amount from your estate.

• Specific legacy: This is the same as a pecuniary legacy but also includes information about where you would like the legacy to come from, for example, which bank account.
  
  A residual legacy is protected from inflation and is, therefore, the best way to ensure that your gift retains its value.

What if I have already written a Will and want to leave a gift to 500k?

It is important to keep your Will updated to reflect any major changes in your life such as marriage, bereavement, divorce or the birth of a child or grandchild. It is good practice to review your Will every five years.

If you would like to add 500k to your Will it is possible to do so by making an official alteration known as a codicil. This is simple and will ensure that any changes are legally binding. A codicil form can be downloaded here. To adapt an existing Will, complete the codicil in the presence of two witnesses and show it to your solicitor. The witnesses must not stand to benefit in any way from your Will.

What is a legacy gift?

One day when we will all stand before Jesus we hope to hear those eternally powerful words, “well done, good and faithful servant.” That is the hope of every believer. That we may stand before our King having run our race knowing that we will find true peace in Heaven.

The beautiful truth is that on the day we encounter King Jesus face to face, we still have an opportunity to leave a legacy here on earth. That legacy is primarily relational. It’s in the ways in which we were able to impact the people we met. But we all also have an opportunity to leave a legacy that goes far beyond the people we know or the people we will ever encounter.

A legacy donation is the opportunity to leave either a Residual, Pecuniary or a Specific legacy gift (see descriptions below) to help a charity further it’s mission. 

Here at 500k our mission is simple; we want to see an India where every person has access to the good news of Jesus. When you are stood before the Lord enjoying eternity with Him, you can still leave a legacy by donating to the furthering of the gospel across India. 

After providing for your family and loved ones, there is a great opportunity to leave money in your Will to a charity.

Why should I write a will?

The primary reason for writing a Will - and updating it regularly - is that this is the only way to make sure your wishes are carried out after your death, giving you peace of mind that you can continue to support the family, friends and causes you love. 

If you don’t make a valid Will, your loved ones could face significant stress and expense after your death, and you risk your estate going to the state.

We’d encourage you to engage in this process to ensure peace of mind for you and your family.

What’s the process of writing a will?

1. Pray
   
   We’d really encourage you to take a prayerful posture when writing your Will. Some aspects of your Will will be obvious, but there will be others that need greater consideration. We believe that the Lord will lead you in that process as you consider how you intend to divide up your estate.
   

2. Engage a solicitor
   
   The best way to start the journey of writing a Will is by engaging a solicitor in the journey. They will be able to best advise you in the process and will be able to help you collate the paperwork you need to make it happen.
   
   You can write your own Will, however, we advise you to see a solicitor when writing or amending your Will to ensure that your wishes are made legally binding. If you do not have a solicitor you could ask family or friends for recommendations. If you are still stuck, you can use the Law Society’s database to find someone who can help you that is close to where you live.
   
   Some people may not take this step as they are concerned about the cost of writing a Will, but we believe it is a very good investment. Costs usually start from around £100 plus VAT for a simple Will. You can find out specific costs by phoning solicitors in your area.