Bequests to Halsway Manor Society

Can I give a copy of my signed will to anyone for safekeeping?

We have produced appropriate wording, which you can download from this site and take along to your professional advisor.

Please see ‘How to leave a gift’.

download a copy of these questions and answers, including the model paragraphs

 

Q. Can I leave a legacy to Halsway Manor Society? I didn’t think it was a charity.

A.  Halsway Manor Society Limited is a registered charity, founded in 1965 to preserve Folk music, folk dances and folk songs for the benefit of the nation. We are entirely independent of the government and we receive no direct state grant or subsidy for our general work. We depend on the generosity of people who give donations to help continue our work.

Q. Can I avoid inheritance tax with a legacy to the Society?

A. There are a number of exemptions which allow you to pass on amounts without inheritance Tax being due, including legacies to charities. Halsway Manor Society Limited is a registered charity and can receive gifts and legacies without any inheritance tax being due and so may benefit from your tax-free gift.

Q. Can you tell me what the difference is between a pecuniary and a residuary legacy?

A. With a pecuniary legacy you can specify a particular amount of money (or a percentage of your estate) or a specific item that you would like to bequeath. With a residuary legacy you decide to leave the remainder of your estate after provision has been made for family and friends. Many people choose this latter option.

Q. Can the value of my legacy go down over time?

A. It is difficult to predict precisely how the value of your legacy will be affected 10, 20 or 30 years from now. However, the most effective way to protect your bequest against inflation is to leave a percentage of your estate to charity, rather than a specific sum whose value will decrease year on year if inflation continues.

Q. Can I give a copy of my signed will to anyone for safekeeping?

A. You can keep a copy of your will with your solicitor or bank, as well as holding a copy yourself. It is also wise to tell your executors where they can find the original. From time to time you should review your will to make sure it still accurately reflects your wishes and takes account of recent events in your life.

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Q. Can I be sure that Halsway Manor Society Limited really needs my legacy?

A. Legacies are the second largest source of income for the Society. Without them we could not continue our work.

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Q. Can you advise on appropriate wording to put into my will to include a legacy to Halsway Manor Society Limited?

A. Minor alterations may be made through the use of a codicil which is a formal addition to your existing will and it must follow the same form as your will and also be witnessed. However, extensive changes may necessitate an entirely new will.

When some time has passed since drafting your original will, it is usually much better to re-draw the entire will since the changes that you want may be included at the same time as any changes in the wording used, which reflect changes in the law since your first will. Codicils are not significantly cheaper to prepare than re-writing entire wills.

It is important that you do not attempt to change your existing will by deleting or adding words. Nor should any attachments be made to your existing will. Steps such as these are likely to invalidate your existing will.

We advise that you use a qualified solicitor, a professional will-writer or other suitable advisor to amend an existing will or to include a legacy in a new will.

Depending upon the type of gift, different forms of wording are required for use in either a codicil or a new will.

A gift of money is known as a pecuniary legacy and may be either;

a) A fixed sum of money e.g. £20,000

b) A percentage of your estate e.g. 25%

c) The remainder of your estate after other beneficiaries (or creditors) have been provided for, and this is also known as a residuary legacy

A gift of a specific item may be either;

d) A small portable item e.g. a gold watch

e) A large fixed item e.g. a property (house or flat etc)

We have produced appropriate wording, which you can download from this site and take along to your professional advisor.


How to leave a gift:

The following examples are wording your solicitor or other professional advisor could use when you are leaving a legacy to Halsway Manor Society Limited.

a) For a Pecuniary Legacy (a fixed sum of money) "I GIVE to Halsway Manor Society Limited of Halsway Manor, Crowcombe, Taunton, Somerset, TA4 4BD, Registered Charity Number 247230, the sum of XX pounds £XX free of Inheritance Tax for its general charitable purposes absolutely and I direct that the receipt of the Finance Officer for the time being or other duly authorised officer of Halsway Manor Society Limited shall be a sufficient discharge to my [Executor(s)/Trustees]"

b) For a Pecuniary Legacy (part of your estate) " I GIVE x% of the residue of my estate after payment of my funeral and testamentary expenses and debts to my [Executor(s)/Trustees] UPON TRUST for Halsway Manor Society Limited of Halsway Manor, Crowcombe, Taunton, Somerset, TA4 4BD, Registered Charity Number 247230 for its general charitable purposes absolutely [and I DIRECT that the shares given by this clause shall be such shares as before the deduction of any Inheritance Tax and other fiscal impositions attributable to them respectively are of equal value] and I [further] direct that the receipt of the Finance Officer for the time being or other duly authorised officer of Halsway Manor Society shall be a sufficient discharge to my [Executor(s)/Trustees] "

c) For a Residuary Legacy (part or all of your estate) "I GIVE the whole of my estate after payment of my funeral and testamentary expenses { and other specified gifts to named beneficiaries} and debts to my [Executor(s)/Trustees] UPON TRUST for Halsway Manor Society Limited of Halsway Manor, Crowcombe, Taunton, Somerset, TA4 4BD, Registered Charity Number 247230 for its general charitable purposes absolutely [and I DIRECT that the shares given by this clause shall be such shares as before the deduction of any Inheritance Tax and other fiscal impositions attributable to them respectively are of equal value] and I [further] direct that the receipt of the Finance Officer for the time being or other duly authorised officer of Halsway Manor Society shall be a sufficient discharge to my [Executor(s)/Trustees] "

d) For a Specific Item of Value "I GIVE to Halsway Manor Society Limited of Halsway Manor, Crowcombe, Taunton, Somerset, TA4 4BD, Registered Charity Number 247230, free of Inheritance Tax and other fiscal impositions and costs of transfer my [description of item] for its general charitable purposes absolutely and I direct that the receipt of the Finance Officer for the time being or other duly authorised officer of Halsway Manor Society shall be a sufficient discharge to my [Executor(s)/Trustees]"

e) For a gift of Property "I GIVE to Halsway Manor Society Limited of Halsway Manor, Crowcombe, Taunton, Somerset, TA4 4BD, Registered Charity Number 247230, free of Inheritance Tax and other fiscal impositions and costs of transfer all my interest in my property [known as ...] ·· [representing my main residence at my death] for its general charitable purposes absolutely and I direct that the receipt of the Finance Officer for the time being or other duly authorised officer of Halsway Manor Society shall be a sufficient discharge to my [Executor(s)/Trustees]"