Jewish Care

Leaving a legacy is not complicated. When you draw up your will, or update an existing will, you can ask your solicitor to help you specify certain people and charities that you would like to remember after your death.

Making a will is very important, even if your financial affairs are quite simple. It ensures your wishes are carried out and helps to remove uncertainty for those left behind. It is essential to review your will regularly so that it continues to reflect your wishes and circumstances.

Drawing up your will

As a legal document, it is important that you ask a practising solicitor to help draw up your will. This is the safest way to ensure that your wishes will be carried out and to avoid misunderstandings.

Before drawing up your will make a list of all your assets and liabilities so you will have an idea of the value of your estate. Then you should make a note of those you would like to benefit. Do not assume that those closest to you will automatically benefit, you must make a will to be sure that happens.

You also need to consider who you would like to appoint as executor(s), it is best to choose at least two people you trust to oversee that your wishes are carried out.

Remember that if your estate is worth over £300,000 any sum above this amount may be liable to Inheritance Tax (IHT). However gifts to charity are usually exempt from IHT. Your solicitor can give you more advice about this.

If you choose to leave a gift to Jewish Care, there are different types of legacy you may leave:

Residuary bequest
This is a gift of the remainder of your estate after all your other wishes have been carried out and all expenses relating to your estate have been met. Generally, this kind of gift is of the greatest benefit to Jewish Care as its value increases in line with the value of your estate.

Pecuniary bequest
This is a gift of a fixed sum of money. The value of pecuniary legacies will decrease over time as a result of inflation.

Specific bequest
This is when you choose to leave a particular named item of value, such as jewellery or an antique.

Reversionary bequest
This is where you give a friend or family member a life interest in your estate and after their death the remainder of your estate is made over to a charity or other beneficiary. This allows you to take care of those close to you for the remainder of their lifetimes.