Some legacy related questions and answers
1. Are there tax advantages of leaving money to charity?
(In the United Kingdom) If you leave money and possessions worth more than a set value, currently £285,000 your beneficiaries (the people you’re leaving it to) may have to pay 40% Inheritance Tax on the amount over that threshold. £285,000 may seem a great deal of money but, if you include your home, you could find your savings and possessions add up to more than that. However, donations to charity are exempt from tax, so anything you leave to The British Ecological Society is free of Inheritance Tax and we will receive the full amount.
Ask your solicitor about the best ways to use your will to reduce tax.
2. How do I find a solicitor who can prepare a Will for me?
A good starting point is to speak to friends or relatives who have used the services of a local solicitor.
You can also use the Law Society’s online solicitor finder by visiting www.lawsociety.org.uk or visit the website of the Society of Trust and Estate Practitioners who list solicitors who specialise in Will drafting (www.step.org).
3. I’d like to make a gift to The British Ecological Society in my Will. What information do I need to include?
The main thing is to include the full name of The British Ecological Society, full registered address and registered charity number, as below:
The British Ecological Society
Charles Darwin House
12 Roger Street
London
WC1N 2JU Registered Charity Number: 281213
However, if you want to be completely sure of the correct wording used to make a legacy, please use the examples provided above. Your solicitor will also be able to assist you with these.
4. Can I appoint The British Ecological Society as my executors?
No. We are a limited company which means that we cannot act as your executors.
5. I’m an executor and there’s a bequest to The British Ecological Society in the Will. How should I pay the money to you?
Please send a cheque payable to The British Ecological Society to:
Charles Darwin House
12 Roger Street
London
WC1N 2JU
6. Why give money to the BES.
Ecology is the scientific study of the distribution and abundance of life, and the interactions between organisms and their environment.
Ecology’s purpose is to provide knowledge about the way the world works and provide evidence on the interdependence between the natural world and people. Never before has ecology been more important. A better understanding of ecological systems will allow society to predict the consequences of human activity on the environment.
Established in 1913 by professional ecologists the BES promotes and fosters the study of ecology in its widest sense. The BES is well placed to support areas of excellence and most need within the field of ecology and over the past 100 years has developed and supported activities to do this.
Every year there are more worthwhile projects than funds available. Every donation will count!
7. I’d like to ensure that my legacy is used for a specific area of research. How do I do this?
It is best for us if gifts of any kind are made unconditionally. No one can say for certain what our grant portfolio will look like in the future, when a Will becomes effective. For example, if the society sees a particular funding need the BES will be less able to respond to this if the donation is fixed. In addition funding into a specific area may change in time and be well provided for by other sources. In these cases the BES is less flexible to re-direct the funds to other deserving projects and activities within the society’s charitable remit.
A supporter can naturally express the wish in their Will that their gift be used to fund an existing grant scheme or area of ecology but it is very important to us that, if at all possible, such requests are stated as a wish and not a binding condition which when the time comes we may not be able to fulfil or accept.
Disclaimer:
While great care is taken to provide accurate and helpful information and advice, The British Ecological Society, the Executive Secretary, and the author of these notes, accept no responsibility for the errors or omissions in these or other notes for guidance. Readers are asked to check all essential information and to seek professional or expert advice as appropriate to the specific circumstances.