Why does AKF (UK) need legacies?
Legacy gifts provide an important source of income that enables AKF (UK) to continue carrying out its work.
What type of gift(s) can I leave?
You can leave a specific gift of an amount of money, sometimes called a pecuniary gift, which is a particular sum of money that you may wish to leave to AKF (UK) in your Will. It is important that the gift is described precisely in your Will, so that the executors can understand exactly what you intended.
Alternatively, you can leave a residuary gift. The ‘residue’ of an estate is everything that is left in your estate after all liabilities such as taxes have been paid and all other gifts have been dealt with. Residuary gifts are a common way to ensure that whatever remains passes to your chosen beneficiaries.
Many people choose to leave a residuary gift when leaving a legacy to a charity because it gives them comfort that their specific gifts and debts outstanding at death will be covered before dealing with the gift to the charity.
Can I leave a specific item to AKF (UK)?
Many people have specific non cash items or assets (perhaps ones to which they might be emotionally attached) to a charity, which they hope can contribute to making a lasting difference. Your Will should provide that any non-cash asset you would like AKF (UK) to benefit from be sold by your executors and for your executors to transfer cash from the proceeds of sale to AKF (UK) and fulfil your wishes in that way. If this is what you have in mind, please remember that, depending upon the nature of the asset concerned and your interest in it, this may require specific drafting. This is one example why we would suggest that you seek appropriate legal advice when drawing up your Will.
Can I choose where you spend my legacy?
If there is a specific programme or endeavour that you are particularly interested in, please let us know so that we can be aware of it. However, please note that donations to AKF (UK) are accepted on the basis they are unrestricted gifts to AKF (UK) as this gives flexibility to the Board of Directors to decide what will be the best use for the charity. The current board of Trustees is chaired by His Highness the Aga Khan.
How do I include AKF (UK) in my Will?
Thank you for considering leaving a gift to AKF (UK) in your Will.
Should you wish to include a gift to AKF (UK) in your Will, you will need to seek legal advice. The gift should specify the amount or share of your estate to be left to the Aga Khan Foundation (United Kingdom), Aga Khan Centre, 10 Handyside Street, London, N1C 4DN, Registered charity number 266518 and Company no. 01100897.
Your executors may find it helpful if you also specify that if they obtain a receipt from the Chief Executive Officer or Head of Finance of AKF (UK) for any payment to us, your executors will have discharged their duty to fulfil your wishes under your Will with regard to your gift to AKF (UK).
Can I choose how much I want to leave and does it have to be a lot of money?
You can specify exactly how much or the proportion of your estate you would like to leave to AKF (UK). It does not have to be a lot of money; any contribution towards supporting our work is hugely appreciated.
Will I need a new Will to leave a charitable legacy?
If you want to add a charitable legacy to your existing Will you can do this by drawing up a ‘Codicil’. This avoids having to draw up a new Will if you are simply amending the terms in your current one. However, even a Codicil must be meet certain legal formalities and we would recommend that you seek appropriate professional advice to ensure this is done correctly.
Can I change my mind about leaving a gift to AKF (UK)?
Your Will is only binding at the time of your death. Up until then you may change the terms of your Will or replace it at any time. This includes changing your mind about leaving a gift to the AKF (UK). We will respect any decision you may make.
Do I need to let AKF (UK) know that I have left a gift in my Will?
We respect your right to privacy – you don’t have to tell AKF (UK) if you’ve left a legacy. However, if you feel comfortable sharing your intentions then it will help AKF (UK) plan and also give us an opportunity to thank you directly!
