Useful Information
Different types of gifts
There are four main ways of leaving a legacy to the Royal Horticultural Society:
A pecuniary legacy
A fixed sum of money. Over the course of time, this type of legacy will lose value because of inflation and you may therefore wish to index link your cash gift.
A residuary legacy
One of the easiest ways to leave money to a charity. This is the balance of your estate after all debts, taxes, expenses and other legacies have been paid. You may leave the residue to one person or organisation, or you can divide it among any number of beneficiaries. The value of this type of legacy will increase as the value of your estate increases.
A specific legacy
Of specific property such as antiques, shares or paintings. The Item(s) must be clearly described in your will to avoid any possible confusion as to your intentions. If the Will does not identify the property clearly, the gift may fail. Remember also, that if you dispose of property in your lifetime it will affect the gifts in your Will.
A reversionary legacy
This is the means of leaving assets to a chosen beneficiary whilst allowing another person to have the use of them during his or her lifetime. For example, you may want someone to have the use of your home for the remainder of his or her life. When they die, the property will then pass to the charity named in your Will. The legacies that most benefit the RHS are those given for general purposes. They allow us to target funds where they are most needed at any given time.
How to make a Will
A valid Will is the only guaranteed way for your wishes to be carried out and for your legacy to reach the RHS. Making a Will isn't complicated and should cost you less than £100.
- First, appoint a professional adviser - usually a solicitor or bank.
- Next, work out how much you have to leave, including the total sum of your property, money and possessions, less any outstanding mortgages or loans.
- Decide who you want to benefit from your Will: for example, your family, friends and favourite charities or good causes.
- Choose executors to make sure your wishes are carried out. These can be professional advisers, friends or family members - or one of each.
- Finally, keep your Will safe and make sure your executors know where to find it. Give one copy to your solicitor or bank.
Updating an existing Will
It's vital to review your Will at intervals to ensure it still reflects your wishes and circumstances. For instance, if you move house or get married, or someone mentioned in your Will dies, you may need to change it. Speak to your solicitor or bank about the simplest way to revise your Will quickly and cost-effectively.
suggested wording for leaving a legacy