Support Us Remember KAB in your Will Frequently Asked Questions
Frequently Asked Questions
Q. Why are legacies so important to KAB?
A. Voluntary income - that is money donated to us by people, Trusts and businesses - is crucially important to our work. Last year, money from legacies accounted for over half of all the voluntary income we received.The people who need our services have individual needs. For example, it can take one person just two Mobility lessons to be safe outside, but another may need many more before they can be independently mobile. Legacy income means that, instead of having to ration our services so that everyone receives the same, we have the flexibility to respond appropriately according to the requirements of each individual.
Q. Where can I read about how KAB spends its income from legacies?
A. You can read on this website about some of the specific services and projects that have been funded by legacy income by clicking here. You can also read our most recent statutory accounts here.
Q. What is the difference between a residual and a pecuniary legacy?
A. When you make a residual legacy, you are leaving all or a percentage of your estate once all other payments, such as bequests to your family, have been made. This type of legacy is the most valuable to KAB as its value doesn't diminish with inflation. With a pecuniary legacy, you leave a specific sum of money.Q. So a pecuniary legacy can actually devalue of time?
A. Unfortunately, yes. For example, £100 could buy a lot more 20 years ago than it can today. That's why many people prefer to leave a residual legacy to KAB.Q. Can you suggest the wording to include a legacy in my Will to KAB?
A. KAB strongly advises that you consult a qualified solicitor to amend an existing Will or to include a legacy in a new Will. The following wording can be used as a guide:
General Legacy to KAB
"I give the sum of £... (or specify a share of residue) to Kent Association for the Blind of 72 College Road, Maidstone, ME15 6SJ (registered charity number 1062354) for its general purposes and I declare that the receipt of the honorary treasurer or other proper officer of the said Kent Association for the Blind for the time being shall be a full and sufficient discharge for the said legacy."
Q. Will I have to pay inheritance tax on my legacy to KAB?
A. Because it is a registered charity, there is no inheritance tax payable on legacies left to KAB. Inheritance tax has to be paid on the amount by which your estate (including any assets held in trust and gifts made within seven years of death) exceeds the Inheritance Tax Threshold (this is currently £325,000 in 2009-10). Inheritance tax is charged at the rate of 40%. There are ways that you can reduce your liability for inheritance tax. You can find out more about this by speaking to your financial advisor and on the HM Revenue & Customs website.Q. When should I make a Will?
A. If you don't already have a Will, you should make one as soon as possible. Once it has been made, it's then essential to ensure that it is revised regularly in order to keep it up to date. It may not be necessary to alter the whole Will; minor changes can be made by means of an additional document known as a Codicil.There are certain occasions when amending a Will becomes particularly important:
- A change in marital status (including co-habitation, marriage, separation and divorce) can have far-reaching consequences on a Will
- Changes to your family, such as the birth of children or grandchildren or the death of a relative
- Change in your financial situation such as buying a property, winning/inheriting a large sum of money, redundancy or retirement
- A change in legislation, particularly tax law.
Q. Can I indicate what exactly I'd like my legacy to be spent on?
A. One of the great benefits of legacies to KAB is that we can use the income to fund whatever may be the urgent needs of the future. For example, if we need to create a new service for sight impaired people, it would be most helpful if we had the flexibility to direct legacy income towards funding it. Because of this, we suggest to people that they dedicate their legacy to the general purposes of KAB.If you would like to speak to someone about leaving a legacy to KAB in your Will, please contact KAB's Chief Executive, Karen Osborn on 01622 691357.