Different types of legacy

If you wish to leave a legacy to the Findhorn Foundation (or indeed any charity) there are a number of ways you can do so. The following is a summary of them:

1. A Pecuniary Legacy

This is a gift of a specific sum of money. The Findhorn Foundation will get exactly the amount of money you specify. Although this is a straightforward way to bequest to a charity, it does not allow for inflation, so the Findhorn Foundation may not benefit as much as you wished when you made the bequest in your Will.

2. A Residuary Legacy

This is the amount left over in your estate after all other pecuniary legacies and gifts have been made, and after all administrative costs have been deducted. You can leave the whole of the residue to the Findhorn Foundation or a share of the residue to The Findhorn Foundation and other charities of your choice.

While the Foundation prefers this type of legacy, as it allows for inflation, please think clearly when drawing up a Will of this kind.

3. A Gift In Kind

You can make a bequest of specific items from your estate, for example some or all of the following: your house; your car; items of furniture; pictures; jewellery; stocks and shares; the benefit of a life insurance policy. This is an excellent bequest as the item should hold its value in line with inflation.

You will need to specify clearly the assets you wish to bequest, or there could be problems for the beneficiary in obtaining these assets. It may either be an asset that the Findhorn Foundation can use (eg. a house, other property, office equipment, etc.) or it may be an asset that the Findhorn Foundation may wish to convert into cash. Please note that if you leave any item of land or property as a specific bequest, any mortgage or charge on that property will also pass to the Findhorn Foundation unless you state the contrary. Please discuss such gifts with your other beneficiaries.

If you decide to include the Foundation in your you will need to follow these steps to have your will created or updated. You may find this sample wording helpful when creating your Will.

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