There are several types of legacy all of which would make a valuable contribution to The Prior Foundation:
- Residuary Legacy-is a gift of all or part of what remains in your estate after all debts, taxes and other bequests have been made.
- Pecuniary Legacy-is a gift of a specified sum of money. This will not be liable for inheritance tax, although the real value of your gift can decrease over time due to increases in the cost of living and inflation unless it is linked to the Retail Price Index.
- Specific Legacy/Bequest In Kind- You can leave specific personal possessions to us such as property, stocks and shares, books, works of art, antiques etc. This can be an attractive option where the asset has appreciated in value over the years and a lifetime sale would attract a high Capital Gains Tax liability.
- Conditional or Substitutional Legacy- Testators can provide for the eventuality that their named dependents do not survive them by making a Conditional (or Substitutional) legacy to other beneficiaries perhaps including the Foundation.
- Codicil-an additional bequest or alteration to an existing will.
- Reversionary Legacy- This method enables you to provide for your family first and then to The Prior Foundation. It involves placing your Estate in trust so that named beneficiaries would be entitled to the income during their lifetime. After the death of the named beneficiaries, you could provide for the whole, or for a percentage of the capital to pass to The Prior Foundation.
- Deed of Variation- If you become a beneficiary of someone else’s Will, you may wish to consider transferring the whole or part of that inheritance to The Prior Foundation using a Deed of Variation. This will enable you to support The Prior Foundation in your lifetime and the amounts thus transferred are free from Inheritance Tax to your estate.