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Legacies
The continuing mission of Hornsey Parish Church, with the presence of the church building and surrounding halls, along with St Mary’s Tower, and the provision of a full time parish priest, must never be taken for granted. All institutions are under increasing financial pressures and Hornsey Parish Church is no exception. Our church has a vibrant life and this is entirely due to the prayers and support of a large number of people, and much of this support is in the form of financial resource.
Did you know there are three sorts of legacy?
Residuary Legacy – this comes out of the remainder of your estate after all other legacies, debts, tax and expenses have been paid. It may comprise the whole or a share of the residual amount. All legacies are greatly welcomed but this type of legacy has special benefits as it keeps pace with the increase in value of your estate, offsetting the effect of inflation.
Specific Legacy – a gift of a particular item such as property or shares.
Pecuniary Legacy – a specified cash sum. To ensure the value of your gift reflects your changing circumstances and negative effect of inflation, you should review pecuniary legacy amounts regularly.
How to make your will?
If you haven’t already made a Will, we would suggest that you use the services of a Solicitor or other professional adviser to do so, and professional advice will ensure that your wishes are properly recorded and followed. Before you see a professional adviser, it may save time to contact them and find out what information you should have with you when you see them.
Making simple changes
It is very easy to amend an existing will to include a legacy to Hornsey Parish Church. Your professional adviser will help you draw up a form called a codicil to do this. If your personal circumstances have changed a new will may be required; your professional adviser will be able to guide you on this.
Your gift can reduce tax liability
Under current law, when you make a bequest to a registered charity such as HPC, the amount of your gift is deducted from the value of your estate before any tax liability is calculated; it is completely free from Inheritance Tax and therefore can reduce the tax liability on your estate.
Gifts made in your lifetime
Gifts to help the work and mission of Hornsey Parish church are welcome at any time. A life time gift can be as tax-efficient as a legacy (depending on your circumstances). If you wish, you can be closely involved in how the money is used…and see what it has helped to achieve.
If you would like to explore further about leaving a legacy to Hornsey Parish Church, or making a gift in your lifetime, please see one of the clergy or Churchwardens.
“Yours, Lord, is the greatness and the power and the glory and the majesty and the splendour, for everything in heaven and earth is yours.”