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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 States make a Will. Yet with the available software and availability of attorneys, making a Will is actually very straightforward and not as expensive as many people think.
Legacies are hugely important to Start Again Ministries. Without such memorable commitment to our cause we would not be able to fund our extensive programs.
If you have not made a Will, your survivors - family and friends - will 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. A visit to an attorney will ensure that your beneficiaries will inherit according to your wishes. An attorney's fee for drafting a Will is not expensive. In addition, there is commercially available software available for download or purchase at leading software merchants that allow you to create your will in the privacy of your home.
As Start Again receives no government funding whatsoever it is totally dependent on donations and legacies from their public. When making a Will please consider including a legacy to Start Again Ministries. As a registered charity, Start Again Ministries is exempt from tax, so your bequest would be realized in full.
If you have already made a Will and you would like to add a legacy to Start Again Ministries your attorney can easily draft an addendum, called a Codicil. Again, this is a simple inexpensive process.
If you decide to leave a legacy to Start Again Ministries in your Will, please let us know by emailing a pledge that we may send proper forms to you. Your pledge is confidential and not legally binding. It does not commit you in any way but it is very helpful in enabling us to plan ahead.
If you require advice on your Will or help with a legacy please e-mail our Legacies Department.
A bequest to Start Again Ministries in your Will would be realized in full. As a charity, we are exempt from Capital Gains Tax and charitable bequests are not subject to Inheritance Tax.
There are several different types of bequest that can be made:
A PECUNIARY LEGACY is the gift of a fixed sum of money. It can be index linked to protect its value.
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WORDING FOR A PECUNIARY LEGACY "I give, devise and bequeath to Start Again Ministries, Inc, A Texas Corporation located in Ft. Worth, Texas the sum of
for its general charitable purpose and I declare that the receipt of the Secretary or other proper officer shall be a good and sufficient discharge therefore." |
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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.
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WORDING FOR A RESIDUARY BEQUEST "Subject as aforesaid I give, devise and bequeath to Start Again Ministries, Inc, A Texas Corporation located in Ft. Worth, Texas , the whole [or a ____________________________ share (e.g. one quarter or 25% )] of my residuary estate for its general charitable purpose and I declare that the receipt of the Secretary or other proper officer shall he a good and sufficient discharge therefore." |
A SPECIFIC BEQUEST is the gift of a particular item such as jewelry or a painting.
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 an attorney is sought. If you have already made a Will it is very easy to add a charitable legacy to it. Your attorney 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: 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 beneficiary(s)).
Example: 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.
