Leave a Legacy
Once you have looked after your family and friends in your will, why not consider leaving a legacy to the Federation?
By leaving a gift to the Federation you will be ensuring that your children and grandchildren will continue to be supported by the organisation that has supported you for so many years. Click here to read an article about the legacies left to Finchley Central Synagogue by grateful members and how those legacies will become part of the shul’s future heritage.
In 2012 the law changed, meaning that anyone who leaves at least 10 percent of their estate to charity will enable the people who inherit from that estate to pay a reduced inheritance tax (36% instead of 40%).
It’s crucial to ensure you have a properly prepared will so that your wishes are fulfilled and your estate is not left to be divided by law rather than your intentions.
Types of Legacy
There are three main categories of legacy for you to consider:
- A Residuary Bequest – the remainder of your estate after all your other wishes have been carried out and all expenses relating to your estate have been met
- Specific – leaving a specific named item of value to a charity – this could be something as small as a vase or as large as a house.
- Pecuniary Bequest – referring to a fixed sum of money. The value of a pecuniary bequest will decrease over time as a result of inflation
If you have already written a will you can add a Codicil that allows you to leave an additional bequest to the Federation.
Alternatively, you could consider a ‘letter of wishes’ that you write yourself and leave for safekeeping with a person you trust to honour your intentions. In order to avoid this document being challenged, you must get it signed, dated and witnessed by someone outside of your family.