Leaving a Legacy

Making a will can give you peace of mind by making it clear whom you wish to benefit from your estate.  It should be prepared by your professional adviser with your family situation and wishes and interests in mind.  If you don’t make a will the government’s rules will decide who your beneficiaries will be.

You can bequeath your money in a number of ways:

• Pecuniary.  You name a specific sum
• Residuary: you bequeath the remainder of your estate after liabilities and other bequests have been met
• Specific: you bequeath a particular item, such as property, valuables or stocks and shares
• Reversionary; you provide for a partner or friend during their lifetime with the assets passing to the charity upon their death.

All legacy gifts are invested and only the income is used to make grants year after year unless specifically requested otherwise.  Your gift will, therefore keep on giving as it remains as a permanent pot of money at the Foundation.

Legacy gifts of up to £25,000 are pooled with other donations into our general endowment fund.  This fund is invested and the income generated is used to make grants to a broad range of causes.  We accept gifts of property, cash, shares and other investments.

A legacy of £25,000 or more can be used to set up a Named Endowment Fund – a way of associating your name with Gloucestershire forever.  Your fund will be invested, and the income used to make grants every year according to your wishes.

Gifts of this size could also be used to set up a Memorial Fund as a permanent tribute to a departed relative, friend or colleague.

Legacy gifts are exempt from inheritance tax and could reduce the total amount of tax paid on your estate.

The Next Step.   Name the Gloucestershire Community Foundation in your will or leave a sum of money to the executors with instructions regarding how you would like your donation to be distributed.  Using a solicitor to draft your will ensures that your wishes will be carried out. 

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