What is planned giving?
We are very fortunate to have such loyal and long-standing supporters. So much of the amazing work we do is down to you. From feeding 30,000 refugees a month, to funding a kindergarten for displaced children, it is our supporters who make the difference. While much of our income is generated from standing orders and one-off donations, some of our supporters have taken a longer-term approach to giving that includes bequeathing money after their death. By making such a gift, you can continue to make a difference to people’s lives even after you are gone. Please see below for more information about this.
Some of our donors have continued supporting us beyond their lifetime, either in their own name or in the name of a loved one. For those wishing to do so, there are three types of legacy gifts you can make:
- Residuary Legacy – Wills often stipulate that specific sums of money go to loved ones. A residuary legacy means that any money that is left after all other claims have been settled can then be given as a charitable gift.
- Pecuniary Legacy – This is when you leave a gift of a specified amount in your will. This can be any amount. However, given that the value of the Pound fluctuates day-to-day, the final sum may be slightly less or more than that originally stated.
- Specific Legacy – This is when you leave a gift of a specific item of property in your will, e.g. a house or a collection of books. Such items must be clearly identified in your will.
A charitable gift annuity is a gift vehicle that falls in the category of planned giving. It involves a contract between a donor and a charity, whereby the donor transfers cash or property to the charity in exchange for a partial tax deduction and a lifetime stream of annual income from the charity. When the donor dies, the charity keeps the gift.
Type of giving
You can choose a specific project for which your gift can be used but we recommend that you make your gift as ‘unrestricted’ as possible. Given the constantly changing needs of the refugees in our care, we wouldn’t want gifts to be rendered ineffective should a project cease to exist or should a new group of people need our help.
FRRME cannot recommend individual solicitors, but if you require assistance in finding a local solicitor here are two suggested options:
The Law Society official database at http://solicitors.lawsociety.org.uk/
The Lawyers’ Christian Fellowship database at https://lawcf.org/lawyer-search
If you would like more information about Planned Giving please email us at firstname.lastname@example.org