Mace & Jones
www.maceandjones.co.uk
Release Date: May 2 2007
Professional approach to Wills vital for charities
Charities are being urged to ensure they have professional procedures
in place to claim legacies left to them in Wills.
Law firm Mace & Jones said with well over a third of people
now leaving a legacy to a charity in their Will charities need
to be efficient in collecting what is legally theirs.
“Charities have a legal right to be told if they have been
left a legacy once the person has died,” said Wills and Probate
solicitor Paul Bricknell. “The firm Smee & Ford can be
employed to conduct searches to establish what money is outstanding.
Once a legacy has been established it is critical to communicate
effectively with the executors of the Will. Frequently executors
can drag their feet which unnecessarily slows the exchange of money.
Moreover the quicker the transaction can be completed the less
chance of acrimony and possible court action.”
Mr Bricknell said an particular area of concern for charities
was Inheritance Act claims.
“Charities need to have an established procedure in place
for dealing as amicably as possible with claims from partners and
children of the deceased,” he said. “It is undoubtedly
tricky when people claim they have not been left reasonable financial
provision. However it is important the charity does not unfairly
lose all or part of its legacy. In cases where more than one charity
is having its legacy contested in the same Will it makes sense
for the charities to use the one law firm. This will be less complicated
and save money.”
Mr Bricknell said charities needed to encourage people to write
Wills correctly.
“Homemade Wills must be discouraged at all costs,” he
said. “Ultimately employing a solicitor to write a will can
save an enormous amount of time and money. Critically for charities
they must stress the importance of including the charity number
in the Will. This will safeguard the legacy if the charity changes
its name or amalgamates. Failure to include the charity number
risks having the Will contested by a number of charities who could
claim they were the intended beneficiary.”
For further information contact paul.bricknell@maceandjones.co.uk Tel:
01565 634234 Visit: www.maceandjones.co.uk
The most common gifts left Wills
Residuary bequest
A gift of the remainder of the estate after all other bequests
have been made and debts cleared is called a residuary bequest.
Pecuniary bequest
A gift of a fixed sum of money in a Will is called a pecuniary
bequest. The value of pecuniary legacies will decrease over time,
as the cost of living increases.
Specific bequest
A particular named item left as a gift in your Will is known as
a specific bequest - for example, a piece of jewellery.
Contingent bequest
A gift in your Will that depends upon the occurrence of an event
which may or may not happen is known legally as a contingent bequest.
An example is a bequest to a charity which applies only if other
beneficiaries named in the Will die before the testator (person
who made the Will).
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