Small or large, every gift we receive in a Will makes a vital contribution to our work. But how do you go about arranging it?
Here's a quick summary on what to do:
1) The first step is to talk to a solicitor or professional advisor
If you don't already have a Will, a solicitor will be able to draft one for you. This is usually inexpensive and vital if you want to make sure that everything is done correctly. By having a proper Will in place you can be sure your wishes will get carried out – from providing for your loved ones through to leaving a gift to your favourite charity. Even if you already have one, it's easy to arrange for your gift to be added by using what's known as a 'codicil'.
2) Thinking about what you're going to leave
You can discuss this when you meet with your solicitor. However, it's well worth thinking about it beforehand. What you'll need to consider are the things you own e.g. your property, possessions and investments and the things you owe e.g. your mortgage, loans etc. That way you'll have a clear idea about how much you have and who you'd like to leave it to.
3) Making your gift to FNF?
Once you've made provision for your loved ones, you can then look at how you'd like to make your gift. You can either leave a specific amount of money, which is known as a Pecuniary Bequest or a share of what's left over after all your wishes have been carried out, which is a Residuary Bequest. Rather than leaving a precise sum of money, many choose to leave a percentage or the residue of their estate as it means that its value will not be affected by inflation.
Most people make a gift in one of the ways shown below:
A straightforward gift to where the need is greatest. This is how the majority of our members choose to remember FNF - Because both parents matter. It’s straightforward because your gift is treated as ‘general funds’ and used wherever the need is greatest at the time. For example, we might use it for everything from improving our on-line services to developing a new parenting or LIP course.
4) Make sure your legacy is worded correctly
In any Will, it's essential that the wording is legally sound and that there's no chance that it might be misconstrued. That's where your solicitor will prove invaluable. To help, we've included a sample wording which may help you although we recommend taking legal advice whenever you make or change your will.
"I bequeath to Families Need Fathers Ltd (‘FNF’) of Unit 501, The Pill Box Building, 115 Coventry Road, London, E2 6GG, registered charity number 276899, the sum of £_______ (for a pecuniary bequest), or: the residue of my estate (for a residuary bequest) to be used by FNF at its discretion. "
5) It's all in the execution
Your executors are the people who will be in charge of making sure your wishes are carried out. It’s worth thinking carefully about who you appoint as your executors. They can be friends or family, or professionals like a solicitor. In certain instances we can also perform the role for you e.g. if you’re thinking about making FNF a major beneficiary. However, it does place an extra administrative burden on our resources and we prefer to concentrate on looking after the places and spaces you care about.
6) We’d like to thank you
Leaving a gift in your Will is a very personal gesture and we appreciate that some people prefer to keep these things private. However, we’d really like to thank you for your kindness and show you what you’ll be helping us to achieve. So please, do get in touch with our friendly team on 0300 0300 110
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