Leaving a legacy in your will enables you to make a planned gift to a cause close to your heart while ensuring that your dependents are provided for. A legacy will cost you nothing today and can be a valuable way of reducing your inheritance tax liability on your estate. This is because a legacy in your will to a registered charity like Vision for Israel is tax-free.
Preparing a will is an important thing to do for the sake of your loved ones. A properly drawn-up will ensures that those closest to you are provided for, instead of your assets being directed somewhere else, or to the state. Through a will, your desires will be carried out—making arrangements easier on your family and friends and giving you peace of mind that your estate will be handled as you would like.
We always advise our friends and supporters who wish to make a legacy to Vision for Israel to consult a lawyer in making your will. If you are making a bequest, the most important consideration is to make certain that you use the correct name and address for our office in the country where you wish to designate your bequest. Thank you for remembering Vision for Israel in your will!
“The LORD knows the days of the upright, and their inheritance shall be forever.” Psalm 37:18
A legacy is a significant way to sow your powerful gift into Vision for Israel after you have passed on. By remembering Vision for Israel in your will, you are—by the grace of God—helping to bless the nation of Israel, and continue that blessing into the next generation.
A pecuniary bequest is a gift of a fixed sum of money left in your will. Its value will decrease over time as the cost of living increases.
A specific bequest is a named item, like a piece of silver or a piece of jewellery.
A contingent bequest is a gift that will be left if certain conditions have been met first. For example, a bequest to charity will only be made if the designated beneficiary predeceases the person making the will.
A residual bequest is the remainder of the estate after all the other bequests have been made and debts have been cleared. You can leave the whole or a portion of your residual estate, after other bequests have been met, to family, friends, or a registered charity.
It is important to use the correct wording when doing this, so please seek advice from a solicitor or professional adviser.
Having decided what gifts or bequests you would like to make, the first step is to meet with your lawyer to set up a will, and to establish an executor. It is the executor’s job to make sure that your wishes are carried out as stated in the will.
It’s very important that the legal formalities are carried out properly to make sure your will is valid. The will is then executed when you sign it in front of a witness. Some states require wills to be notarized, but your lawyer can advise you concerning your state’s requirements.
Your lawyer will keep a copy of your will, so make sure your family members know who your lawyer is. It’s important to remember to store your copy of your will in a safe place. Thousands of wills go missing each year, become damaged (making them invalid), or get lost. If you do not have a safe place to keep your will, you may want to ask your lawyer about a Lifetime Storage option.
Finally, make sure to review the will from time to time. It can be updated or added to by attaching what is called a codicil, but you must follow the same legal formalities as for the will itself. Sometimes it may be necessary to rewrite the will because of significant changes in circumstances, but your lawyer can advise you on those matters.
For more information concerning Legacy Giving, please contact:
The Joseph Storehouse Trust
P.O. Box 5, Swindon, SN3 4FB
Tel: +44 (0) 1793-279111