Remembering The Mission to Seafarers in your Will with a legacy gift

There are three ways in which you can make a gift to The Mission to Seafarers in your Will.

Residuary legacy (a share of your estate)

A residuary legacy is the gift of the remainder of your estate (or a percentage of the remainder) after all other gifts to friends and family have been distributed and all outgoings have been dealt with. A residuary legacy is generally of greatest benefit to The Mission to Seafarers as its value increases in line with inflation.

Specific legacy (a specific item)

A specific legacy refers to a particular item that has been left in your Will. Examples include real estate or other property, stocks and shares, or life insurance policies.

Pecuniary legacy (a specific sum)

A pecuniary legacy is a fixed sum of money left in your Will. It is worth noting that pecuniary legacies tend to decrease in value over time due to inflation and need to be reviewed in order to maintain their original intended value. For example, a legacy of £1,000 written into a Will in 1987 would now be worth less than £380. It is possible to index link a pecuniary legacy to ensure that the legacy maintains its intended value.

Adding a codicil to your existing Will

If you already have a Will and have decided you would now like to leave a gift to The Mission to Seafarers the easiest way to do this is by adding a codicil to your existing Will. A codicil is a simple statement spelling out The Mission to Seafarers legal name and amount of your gift. It is a separate document that will need to be signed, witnessed,and kept with your Will. It does not change your existing Will, but simply includes your additional gift in your estate.

If you have already made a Will, why not check it today, to make sure it’s up to date?

What is inheritance tax?

Inheritance tax is paid by your beneficiaries on the value of your estate that is above the threshold set by the UK government.  For 2014-2015 the threshold is £325,000 and the tax rate is 40%.  It's also sometimes payable on trusts or gifts made during your lifetime. Gifts in wills to charities are exempt from Inheritance tax.  Additionally, if you leave 10% or more of the net value of your estate to charity, the tax rate could fall from 40% to 36%.  You should speak to a professional for specific tax advice to suit your personal circumstances.

Find out more

You can read more about supporting the Mission by leaving a gift in your Will on the pages on the left hand side. Alternatively, you can download and print this information from our new brochure, Shelter from the Storm.

If you would like more information about leaving a gift in your Will to The Mission to Seafarers, contact Dom Hasan on 020 7246 2937 or email him here.

Share |