What is a legacy?
A legacy is a gift left in a person’s will to provide support for an individual or to an organisation after the person’s death. It is a means of expressing ones generosity at a level which may not have been possible earlier in one’s life. It is a means by which a person, who has given a proportion of their income to a particular cause during their life, can arrange to do so with their capital after their death.

Why should I consider leaving a legacy to Westminster Seminary UK?
When making one’s Will one might want to consider leaving such a gift to us, just as one might leave a gift to friends or family. Leaving a legacy to Westminster Seminary UK is an expression of your gratitude and thanksgiving towards God for all that you have been given and enjoyed during your life.  It is also a means of ensuring that your past can become part of the future of Westminster Seminary UK.

We long to see Christ-centred churches, the gospel proclaimed in every nation, and God glorified to the ends of the earth. Scripture tells us that Jesus was able to do his work because of the generosity of his friends and supporters. A gift in your Will is a testament to your commitment to the ministry of Christ and can help to ensure that Westminster Seminary UK continues to share in God’s mission for years to come.

How do I make or amend my Will?
If you already have a Will it is important to ensure that it is kept up to date. A new Will can be made at anytime and a charitable legacy can be added easily by your legal advisor.

Home-made Wills can be fraught with problems as it is all too easy to make a mistake which could lead to problems in settling your estate.  Having your Will drawn up by your solicitor enables you to have peace of mind knowing that your Will really does reflect your wishes.

If you decide to have your Will drawn up professionally it is useful to have done a little homework before visiting your solicitor:

• Make a brief list of everything you own (your assets)

• Write down your intentions as simply as you can: who you would like to receive what; be they family, friends, your church or other charitable organisations or causes

• Write down the names and addresses of all the people and organisations to be included in your Will, together, if you know them, with any relevant charity numbers.

Any money you leave to charity in your Will is given favourable tax treatment. In some instances this can have a beneficial effect on the overall amount of tax paid on your estate. Again your legal or financial advisor will be able to advise you on this issue.

You are not limited in the amount of support you may choose to give, or in the types of gift/legacies you may wish to leave. For example someone who is unsure of the value of their estate could decide to leave cash (pecuniary legacy) as well as a share in their estate’s residue (residuary legacy).

Reducing your Inheritance Tax bill by giving to charity
Any gifts you make to a ‘qualifying’ charity – during your lifetime or in your will – will be exempt from Inheritance Tax. Guidance can be found here on the reduced rate of Inheritance Tax to estates leaving a ten percent bequest to registered charities.  This is to encourage people to leave part of their estate to charity so where at least 10% of a person’s net estate is left to charity, the rate of tax charged is reduced to 36%.
http://www.hmrc.gov.uk/inheritancetax/reducedrate.htm