Money bequeathed to charity is free of any tax

When you are drawing up your Will, please don't forget NO STRINGS and the essential work done by the charity.

A legacy or bequest is the term used to describe a gift in a Will.

Considering how important it is to take care of one's loved ones and how vital gifts in Wills are to charities, it is astonishing that only three out of ten people in the United Kingdom make a Will. Yet provided a solicitor is consulted, making a Will is actually very straightforward and not as expensive as many people think.

If you have not made a Will, your survivors - family and friends - could experience difficulties. Your estate will be divided by law and not by your wishes.

If you have no family, everything you have will go to the state.

Drafting a Will is not difficult. And a visit to your solicitor will ensure that beneficiaries will inherit according to your wishes. A solicitor's fee for drafting a Will is usually not expensive.

Beneficiary details:
NO STRINGS
Charity No.1096730
NO STRINGS Donations,
Boatside Business Centre,
Warden,
Northumberland,
NE46 4SH U.K.

A bequest to NO STRINGS in your Will would be realised in full. Charities are exempt from Capital Gains Tax and charitable bequests are not subject to Inheritance Tax.

There are several different types of bequest you can make:

A SPECIFIC BEQUEST
is the gift of a particular item such as jewellery)' or a painting.

A PECUNIARY LEGACY
is the gift of a fixed sum of money. It can also be indexed linked to protect its value.

A RESIDUARY GIFT
is the remainder of your estate, or a percentage of it, after all bequests have been made and any debts, taxes and expenses paid.

A CONDITIONAL BEQUEST
states what should happen if either the beneficiary were to die before you, or where a gift will only come to the final recipient after a beneficiary's death. It is a common way of donating money to charity. We strongly suggest that for Specific, Conditional and other forms of bequest the advice of a solicitor is sought. If you have already made a Will it is very easy to add a charitable legacy to it. Your solicitor will help you draw up a simple amendment (or Codicil). Many people use the opportunity for a general review of their Will anyway.

A REVISIONARY BEQUEST
(Liferant) is where a legacy is left to a relative or friend (life tenant) for them to benefit from during their lifetime. This can be in the form of a house, or the interest on a trust fund (life interest). After the life tenant's death, the life interest is then passed on as a legacy to the charity:
EXAMPLE 1: A house is left to a relative/friend to inhabit during their lifetime. Upon the life tenant's death, the proceeds from the sale of the house go to the charity (or is shared with other beneficiaries.)
EXAMPLE 2: The residue of an estate is left in a trust fund and the interest is payable to the life tenant until death. Upon death, the capital (or a percentage of the capital) is passes to the charity as in a Residuary Gift