How to make a legacy gift
If you have an existing Will, but would like to leave a legacy to Missing People, you can do so by making an amendment to your existing Will (called a codicil).
If you do not have a Will at the moment, you can include a bequest when you write a Will. Whatever your circumstances, we would advise that you see a solicitor to ensure that your wishes are followed.
Types of Legacy Gifts
Residuary Gift
A residuary gift is the remainder, or a percentage, of your estate after all other bequests and expenses have been deducted. This ensures your loved ones are taken care of first and the remainder can then be donated to charity.
Pecuniary Gift
This is a gift of a specific amount of money of any amount, large or small. If you are thinking of leaving a specific gift to charity you might suggest to your solicitor that your cash gift is index-linked to ensure that its value increases with inflation.
Specific Gift
This is the gift of a specific item such as an antique, a property, jewellery or other valuables.
Key points to consider
Always consult a solicitor – it is a good idea to assess what you want to include in your Will, taking into account any savings, property, mortgages and any money owing. Once this is established, arrange an appointment with your solicitor to discuss your Will further.
Appoint your executors – executors are charged with carrying out the instructions you leave in your Will. It is ideal to appoint two people you trust, such as loved ones or professional advisers. It is a good idea to let your loved ones know that you are leaving a gift to charity in your Will, so they are aware of your wishes.
Who do you want to benefit – you may wish to list your beneficiaries as well as gifts you want to leave them. These could be loved ones as well as charities you care about. You can bequeath anything from personal assets to property.
Stay up to date – It is very important to keep your Will up to date to ensure your wishes are met. At such a difficult time, this could cause your family and friends even more heartache. It's important to review your Will regularly – at least once every five years or if you have any major life changes (such as getting married or having children or grandchildren).
Please note – making changes directly to your Will can invalidate it. We recommend that you consult your solicitor. The wording of gifts may vary in Scotland – your solicitor will be able to advise you on the correct terms.