LEGACY GIVING
Have you thought of leaving a bequest in your Will to the Anglican Church of Paphos?
Why make a Will?
We should all make a legally binding Will and update it when circumstances change. Not only is making a Will good financial planning for our loved ones, it also gives us the opportunity to make a difference to our favourite causes.
Yet only some 40% of people (in the UK) ever get around to making a Will and only 15% remember to specify a charity or organisation.
So, if you wish to keep your inheritance secure and to leave a lasting legacy, be sure to make or update your Will.
Why are gifts in Wills so important?
Gifts in Wills provide additional income to charities and organisations such as our Church. Depending on the size of the gift, payments to the beneficiary can be made in many different ways – as a one-off payment, periodically via a trust fund, bank or invested on behalf of the beneficiary to provide future income.
You can specify the purpose to which your gift can be put to – general running costs, purchase of new or special equipment, building construction and maintenance – the list is endless.
Good reasons to make a Will and keep it updated.
Here are three simple steps to get you started.
1- Making a new Will.
List what you own.
Think about everything you own and who you would like to be your Executor
Plan who you would like to include.
For most people, loved ones will come first, but we also hope you will consider leaving a gift to charity or an organisation such as your Church.
The Parish in Paphos receives no external funding. Our only income is from donations and collections from our regular congregation members, visitors and those attending Weddings, Funerals and other special services – so gifts from people like you make everything we do more possible.
Decide who will write your Will.
We recommend that preparing your Will or any alterations to an existing one, be carried out by a professional solicitor or will-writer either in Cyprus, for your assets in Cyprus and/or a solicitor or will- writer in the UK for your British assets.
2- Updating your Will.
Prepare your information.
It is important to keep your Will up to date. If your circumstances have changed, it may be a good time to review your Will to make sure it still reflects your wishes.
Review who you would like to include.
Decide who should write your Will.
Depending on the significance of the changes you’d like to make to your existing Will, it may be possible to use a Codicil to make your amendments. A Solicitor or Will writer can advise on the best course of action.
3- What types of gift can you leave?
A share of your estate.
After you have provided for your loved ones, you can leave a share of what remains to an organisation or charity. This is known as a ‘residuary gift’.
A cash gift.
This is when you leave an exact sum of money to us. It’s known as a ‘pecuniary gift’.
A specific gift.
This can be anything from a vehicle to a painting to antique jewellery.
A gift in trust.
You can leave a gift for someone to use over a period of time. When the time has ended, the gift can be passed on to other recipients, such as the Church.
Suggested Wording.
To leave a Residuary gift.
‘I leave my …. / …. shares of my residuary estate to the Anglican Church of Paphos, 1 Chrysopolitissa Street, Kato Paphos 8041, Paphos, Cyprus (a Church within the Anglican Diocese of Cyprus and the Gulf), absolutely for its general purposes and I declare the receipt of the Treasurer or other proper officer for the time being shall be a sufficient discharge to my Executors’
To leave a Pecuniary gift.
‘I give free of inheritance tax £/Euros ………… to the Anglican Church of Paphos, 1 Chrysopolitissa Street, Kato Paphos 8041, Paphos, Cyprus (a Church within the Anglican Diocese of Cyprus and the Gulf), for its general purposes and I declare the receipt of the Treasurer or other proper officer for the time being shall be a sufficient discharge to my Executors’
Why make a Will?
We should all make a legally binding Will and update it when circumstances change. Not only is making a Will good financial planning for our loved ones, it also gives us the opportunity to make a difference to our favourite causes.
Yet only some 40% of people (in the UK) ever get around to making a Will and only 15% remember to specify a charity or organisation.
So, if you wish to keep your inheritance secure and to leave a lasting legacy, be sure to make or update your Will.
Why are gifts in Wills so important?
Gifts in Wills provide additional income to charities and organisations such as our Church. Depending on the size of the gift, payments to the beneficiary can be made in many different ways – as a one-off payment, periodically via a trust fund, bank or invested on behalf of the beneficiary to provide future income.
You can specify the purpose to which your gift can be put to – general running costs, purchase of new or special equipment, building construction and maintenance – the list is endless.
Good reasons to make a Will and keep it updated.
- It is the only way to ensure your wishes are followed and provides peace of mind to the people and causes that matter to you.
- A Will makes it easier for family and friends to take care of your estate and be sure they are acting according to your wishes.
- A Will helps to minimise inheritance tax that may need to be paid on your estate.
- A Will protects the rights of your partner especially if you are not married or have a civil partnership.
- Without a Will your whole estate could end up belonging to the Crown or government and the people and causes you love most could lose control.
Here are three simple steps to get you started.
1- Making a new Will.
List what you own.
Think about everything you own and who you would like to be your Executor
Plan who you would like to include.
For most people, loved ones will come first, but we also hope you will consider leaving a gift to charity or an organisation such as your Church.
The Parish in Paphos receives no external funding. Our only income is from donations and collections from our regular congregation members, visitors and those attending Weddings, Funerals and other special services – so gifts from people like you make everything we do more possible.
Decide who will write your Will.
We recommend that preparing your Will or any alterations to an existing one, be carried out by a professional solicitor or will-writer either in Cyprus, for your assets in Cyprus and/or a solicitor or will- writer in the UK for your British assets.
2- Updating your Will.
Prepare your information.
It is important to keep your Will up to date. If your circumstances have changed, it may be a good time to review your Will to make sure it still reflects your wishes.
Review who you would like to include.
Decide who should write your Will.
Depending on the significance of the changes you’d like to make to your existing Will, it may be possible to use a Codicil to make your amendments. A Solicitor or Will writer can advise on the best course of action.
3- What types of gift can you leave?
A share of your estate.
After you have provided for your loved ones, you can leave a share of what remains to an organisation or charity. This is known as a ‘residuary gift’.
A cash gift.
This is when you leave an exact sum of money to us. It’s known as a ‘pecuniary gift’.
A specific gift.
This can be anything from a vehicle to a painting to antique jewellery.
A gift in trust.
You can leave a gift for someone to use over a period of time. When the time has ended, the gift can be passed on to other recipients, such as the Church.
Suggested Wording.
To leave a Residuary gift.
‘I leave my …. / …. shares of my residuary estate to the Anglican Church of Paphos, 1 Chrysopolitissa Street, Kato Paphos 8041, Paphos, Cyprus (a Church within the Anglican Diocese of Cyprus and the Gulf), absolutely for its general purposes and I declare the receipt of the Treasurer or other proper officer for the time being shall be a sufficient discharge to my Executors’
To leave a Pecuniary gift.
‘I give free of inheritance tax £/Euros ………… to the Anglican Church of Paphos, 1 Chrysopolitissa Street, Kato Paphos 8041, Paphos, Cyprus (a Church within the Anglican Diocese of Cyprus and the Gulf), for its general purposes and I declare the receipt of the Treasurer or other proper officer for the time being shall be a sufficient discharge to my Executors’
