Most of us would like to be certain that, after our death, our money and property will be given to the people who we wish to help. The best way to achieve this is to seek the advice of a solicitor, and leave clear instructions in your Will.
When you die your estate may be liable to Inheritance Tax if the value of your assets, including your home, exceeds the relevant tax-free limit laid down by the government. However, any gifts of money or other assets that you leave to charity will be free of tax. The Bishop’s Castle & District Community Land Trust (the Trust), is recognised as a charity by Her Majesty’s Revenue & Customs, (HMRC), and your solicitor will be able to advise you of the tax advantages of leaving part of your estate to the Trust.
If you are considering making or changing your Will, please take legal advice; and if you wish to make a gift to the Trust the following suggested clauses may be of assistance to you and your solicitor.
For a residuary bequest, i.e. what remains after specific bequests to your family and friends, the wording to use is:
“I give to the Bishop’s Castle & District Community Land Trust all (or % share) of the residue of my estate and I declare that the receipt of the Honorary Treasurer for the time being or other proper officer of the Trust shall be sufficient discharge of the same.”
For a specific legacy i.e. a fixed amount, a property or other specific item, the wording to use is:
“I bequeath to the Bishop’s Castle & District Community Land Trust the sum of £.… and I declare that the receipt of the Honorary Treasurer for the time being or other proper officer of the Trust shall be sufficient discharge for [to my Trustees?]
THE BISHOP’S CASTLE & DISTRICT COMMUNITY LAND TRUST
Is a Society for the Benefit of the Community, and registered with HMRC as a charity for tax purposes. (Charities reference number EW12300). Our aim is to own, develop, and hold in Trust assets of land and buildings for the long-term benefit of people in Bishop’s Castle.
We don’t receive any government funding so are entirely dependent on charitable donations, fundraising events, plus the rents from our two small houses, to meet all our costs. It costs around £130,000 to build an affordable house for us to rent to local people in housing need. We know how much our two existing homes have made a huge, positive difference to the six people that have already been accommodated in them since they were built in 2006.
A recent legacy is enabling us to part-fund a proposed scheme for three more two-bed homes in the town. Your gifts will assist us in achieving our vision for the future of Bishop’s Castle as a thriving community, one where people can live and work where they grew up. Leaving a legacy can also reduce the amount of inheritance tax you pay, as gifts to charity are deducted before tax assessment, and it’s easy to leave in your Will – just talk to your solicitor.
For further information on how you might help the Trust, or to discuss a potential legacy in confidence please contact the Company Secretary, Jonathan Brown, via email; email@example.com, or by post to Enterprise house, Station Street, Bishops Castle SY9 5AQ.