Gifts and legacies
Leaving a legacy for Cornwall
Leaving a lasting gift to your community
We understand that your family will be first in your thoughts when writing your will. After taking care of them, you may wish to consider helping your community for years to come by leaving a gift to the Cornwall Community Foundation.
The Cornwall Community Foundation (CCF) is a grant awarding charity that aims to improve the lives of others in Cornwall and the Isles of Scilly. The CCF has invested £6m into the community over the last 10 years, over 2000 local projects have benefited in Cornwall. Every penny raised by the CCF stays in Cornwall and the CCF awards grants in every parish in Cornwall and the Isles of Scilly.
The CCF offers you the choice to decide whether to leave your gift to support a particular cause or area close to your heart, or you can leave it with us to ensure that your gift helps the most pressing local need.
Many of our supporters have been committed to Cornwall for many years, and they want that commitment to continue for many, many years. We have a wealth of knowledge of Cornish charities and communities so we can target those most in need.
Create a named Fund
By simply naming us as a beneficiary in your will, you enable us to support a wide range of causes and respond to changing local needs in Cornwall and the Isles of Scilly. We guarantee to use your gift in the most effective way. Alternatively, you can leave a legacy of any size to one of our existing funds.
If you leave a gift of £25,000 or more, you can choose to create a bespoke named fund to give to causes you care about at the same time as ensuring your name – or that of a friend or relative – lives on.
Making a will does not have to be expensive or complicated. It can also be a very tax-efficient way to give to charity, but you should consult a solicitor for advice. You can also make minor changes or additions to your existing will.
Generally legacies given to charities in a Will are exempt from inheritance tax (IHT). IHT is paid on the value of your estate above the tax free threshold for individuals, currently £325,000 at a rate of 40%.
There are 4 types of legacy:
- Sum of money left in your will to charity (pecuniary)
- Gift of the remainder of your estate after all other beneficiaries have been provided for (residuary)
- Gift of a named item such as a building, furniture or painting (specific bequest)
- Gift depending on other factors such as a donor outliving other beneficiaries (contingent gift)
You must have a Will (or codicil - short amendment to your existing will) to define the type of gift you wish to leave and to whom. Your solicitor will be able to prepare one for you.
From April 2012 onwards, a reduced rate of IHT of 36% will apply to estates leaving 10% or more of their assets to charity. Please talk to your solicitor about this tax benefit.
Please contact us on 01566 779333 if you have any questions.