Wills, Bequests, and Planned Gifts

Bequests and planned gifts are charitable contributions and, as such, result in tax and financial benefits to the donor. The extent of your benefits will depend on the manner in which your gift is made.

Outlined below are ways in which you can make a gift to The Whitechapel Mission that may help you minimize estate taxes or enable you to pass assets to your heirs at greatly reduced transfer costs.

Bequests

A bequest is the most common method of planned giving and enables you to distribute assets to individuals and charitable organizations in the amounts or proportions you indicate. An estate gift also provides the following benefits:

  • The opportunity to make a major gift while preserving assets during a lifetime.
  • Reduction in inheritance tax liability on your estate

Leaving a gift in your Will really is a wonderful way to ensure that Whitechapel can continue to carry on its vital work and is one of the most significant ways that you can support us. It can also be a valuable way of reducing inheritance tax liability on your estate, as legacies to a registered charity are tax-free.

Gifts left in a Will, whatever their size really do make a big difference. Only with the support of such individuals can we plan ahead to continue our vital work and protect future generations from the misery of homelessness.

FORM OF BEQUEST BY WILL

For the guidance of friends who may desire to make bequests for the general work of the Whitechapel Mission, the following form of bequest is suggested:

I GIVE AND BEQUEATH to the Treasurer for the time being of the Whitechapel Mission, 212, Whitechapel Road, London, E1 1BJ, registered charity no: 227905, for the use of the said Mission the legacy or sum of £.................. (free of duty) and direct the said last mentioned legacy or sum to be paid within twelve months of my decease from the proceeds of my real and personal estate, but primarily out of my personal estate, and the receipt of the Treasurer shall be sufficient discharge to my executors.

NOTE: The Mortmain and Charitable Users Act, 1981, enables testators to give by Will for the benefit of any charitable use not only pecuniary Legacies, but also tenements and hereditaments of any tenure. The Will must be signed by the testator at the foot or end thereof in the presence of two independent witnesses, who must sign their names, and addresses and occupations, at the same time, in their presence and the presence of each other.

Life Insurance

A gift of life insurance is a simple way to make a legacy gift. You may choose to name a charity as the beneficiary of all or a portion of a life insurance policy. A charity can also be named as the alternate or final beneficiary. At your death, all proceeds would pass immediately to the named charitable organizations. Policies originally intended to protect a spouse, child or even complete a mortgage payment may no longer be necessary. Consider how these policies may be used to help fulfill other needs or causes.

For additional information on how to make a planned gift, please contact Jenny by email jenny@whitechapel.org.uk or phone: 03000 111 400

The above information is not intended as legal or financial advice.

Please consult your personal advisors for the applicability of these principles to your own situation.

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