Legacy FAQs

Leaving a legacy is a big decision that takes a lot of thought. Here are some FAQs to help answer some of your questions.

How do I change my Will?

We would always suggest that you discuss any changes to your Will with a solicitor, as if changes are made incorrectly, your Will may be invalidated. 

How can I add a Gift to Shared Interest Foundation into my Will?

Always speak to a solicitor before making any changes to your Will. The details you will need are: Shared Interest Foundation, 2, Cathedral Square Groat Market Newcastle upon Tyne NE1 1EH Registered Charity Number: 1102375

How will my money be used?

Shared Interest Foundation delivers different projects, based on where we feel the need is greatest and where we can have the most impact. We therefore cannot promise that your gift will go to a specific project. What we can promise is that we will use your gift to help farmers and handcrafters in the developing world to access fair finance. We can also ensure that we enter into a consultation should you wish for your gift to be used in a certain way, so that we are best placed to meet your wishes.

Are there any Tax benefits in leaving a Legacy?

If you choose to leave a legacy in your Will, it will be exempt from inheritance tax. The current rate of inheritance tax is 40%, however this is reduced to 36% for estates leaving 10% or more to a charity.

This also means that leaving a gift to charity may help to reduce the amount of tax payable if your estate is over the exempt threshold. The current threshold for inheritance tax (fixed until 2015) is £325,000 for an individual or £650,000 for married couples or civil partnerships.

For more information on inheritance tax rates and thresholds please visit the HMRC website.

If I am a Shared Interest Society member, can I choose to leave all or part of my Share Account to Shared Interest Foundation?

Yes you can. It is possible to simply fill in a Nomination Form and return it to us if the amount you would like to leave is no more than £5,000. If you would like to leave us an amount from your Society account of more than £5,000 then you will need to make a provision in your Will. We would always suggest that you speak to a Solicitor before making any such changes.

Does the Nomination Form need to be included with My Will?

No, it needs to be completed and returned to us; it does not form part of your Will. We do recommend that you keep a copy for your records.

Why does the Nomination Form only cover up to £5k?

Shared Interest Society is an Industrial & Provident Society and therefore is covered under the Industrial & Provident Societies Act 1965. Section 23 of this Act states that members can only nominate up to £5k and beyond that they must make provision in their Will.

What happens if I complete a Nomination Form but my Share Account goes over £5K?

Shared Interest Foundation will still receive the first £5,000 of your Share Account balance, but they will not receive anything more than that unless you make a separate provision in your Will.

If I choose To leave a Legacy, what can I expect from Shared Interest Foundation?

For further information, please go to Our Legacy Promise.

If you choose to leave a legacy and inform us of your decision, then we will ensure you get no further communications from us regarding legacies.