Making a Difference: Why Leaving a Legacy Gift Matters

Life is full of opportunities to make a difference. The relationships we build, the kindness we show, and the causes we support all leave a lasting impact.

But what if you could continue making a difference long after you are gone? A legacy gift will make sure that the values you cherish today live on for generations to come.

A legacy gift is a donation made through your Will to a charity or organisation that matters to you. Your continued generosity does not need to be left to chance. With careful planning and thoughtful decisions, you can be remembered the way you want to be.

This is where legacy gifting comes in.

At Lyons Bowe Solicitors, we help clients build their legacies today. With the right legal guidance, you can make informed decisions that protect your loved ones while supporting the causes that mean the most to you.

Why Consider Legacy Gifting?

Legacy gifting has long been associated with the wealthy. But this could not be further from the truth. Legacy giving is for anyone who wants to make a valuable contribution, regardless of the size of their estate.

Leaving a legacy gift allows you to support causes that matter to you. These may include local community projects, medical research efforts, or environmental organisations. Your donation will help to drive their work for the betterment of all in the future.

You can also create a lasting impact. One that will span across generations. Unlike one-time donations, legacy gifts provide charities with long-term funding. Furthermore, you can reduce the burden of inheritance tax on your loved ones. Gifting registered charities will exempt your estate from inheritance tax.

Lastly, it’s a powerful way to make sure that your values truly do live on. Your legacy can reflect your life’s worth, your priorities, and your intentions.

Types of Legacy Gifts

There are different ways to leave a legacy gift, allowing you to choose what best suits your wishes and circumstances. These gifts include a pecuniary bequest, a residuary bequest, a specific gift, and a reversionary gift.

1. A Pecuniary Bequest
This is a fixed sum of money left to a charity. For example, you may decide to leave £10,000 to a cause close to your heart.

2. A Residuary Bequest
A residuary gift is a percentage of your estate after all debts, expenses, and other legacies have been distributed. This ensures that your charitable donation adjusts in line with your overall estate value.

3. A Specific Gift
This involves leaving a specific item, such as property, shares, or valuable possessions, to a chosen charity.

4. A Reversionary Gift
This allows you to provide for your loved ones first, with the remainder of your estate passing to charity upon their passing.

Where Does a Solicitor Come In?

Leaving a legacy gift is a straightforward process, but ensuring it is legally valid and accurately reflects your wishes requires expert guidance. A solicitor plays a crucial role in drafting a Will that is clear, enforceable, and structured in a way that benefits both your loved ones and chosen charities.

A professionally drafted Will minimises the risk of disputes and guarantees that your wishes are carried out exactly as intended. Without legal expertise, ambiguities in wording or improper execution could lead to complications, delays, or even challenges to your estate. A solicitor ensures that your Will complies with legal requirements, providing you with peace of mind that your legacy is secure.

Tailoring your estate plan is crucial for ensuring that your gifts are structured in the most tax-efficient way. Solicitors offer personalised advice on how to achieve this, helping you minimise tax liabilities while ensuring your assets are distributed according to your wishes.

Avoiding ambiguity in your Will is essential to prevent unintended consequences. Vague wording can lead to confusion or disputes, so working with a solicitor ensures clarity and precision, safeguarding against future complications.

Regularly updating your Will is necessary as your life circumstances change. A solicitor assists in reviewing and revising your Will, making sure it accurately reflects your current situation, such as changes in family dynamics or financial circumstances.

Making an Impact Beyond Your Lifetime

Legacy gifting is more than financial support. It’s creating a profound and powerful impact for generations to come. Every gift, no matter the size, contributes to meaningful change and helps charities continue their vital work in the UK.

At Lyons Bowe Solicitors, we understand that this is a deeply personal decision. Our expert legal team offers the guidance and support you need to structure your legacy gift properly and make sure that it is a true reflection of your values.

We are committed to providing tailored legal advice that empowers you to make every decision with clarity and confidence. Give the gift that keeps on giving. Contact our team today for legal guidance to help your impact extend beyond your lifetime.