Legacies
More than ever people are leaving gifts to say thank you to the local communities they have lived and worked in, in particular to support those who are less fortunate than themselves. Such gifts are usually free from inheritance tax and can make a significant difference to the local community.
The Northamptonshire Community Foundation offers an ideal way to leave a legacy in your Will that will be carefully administered according to your instructions for generations to come. It will associate your name with the community forever and ensure that causes which are important to you will receive help each year. As a community foundation we are ideally placed to ensure your legacy will benefit local projects and people for generations to come.
You can choose between leaving a legacy to set up your own fund or make a donation to an existing fund. You should usually consult your solicitor about the exact wording, but please call us as well to discuss your plans.
You can identify particular needs and/or a specific geographic area to benefit from your legacy or you can leave it to our Trustees to ensure the money is invested in the community to meet the most pressing needs. You may also ask the Foundation to set up a committee, including friends and family, to award grants on your behalf.
The Northamptonshire Community Foundation has been established to support you in your desire to assist those most in need. Through your giving we create lasting opportunities for change in peoples’ lives.
Why your Legacy will help
Each year we make hundreds of grants to small charities and voluntary groups in Northamptonshire, but there are always many worthwhile applications that are turned down through lack of funds. A legacy, of whatever size, would enable us to help more charities and voluntary groups to do what they do so well - tackle local problems and care for local people in need.
Types of Legacy
There are tax advantages in leaving a legacy to the Northamptonshire Community Foundation and various ways of leaving a legacy as part of an estate.
For example:
- A Pecuniary Legacy - is a fixed amount specified in a Will. It is free of tax, which adds considerably to the value of the gift.
- Gifts of shares or property - are exempt from capital gains tax and qualify for income tax relief, following incentives introduced in the 2000 Budget to encourage gifts to charity.
- A Residuary Legacy - is the remaining value of an estate when all other bequests to family and friends have been made.
- A Reversionary Legacy - allows the surviving partner to benefit from the estate during his or her lifetime and then for the balance of the estate to be passed to the Community Foundation.