Leave a legacy
Leave a legacy to IChemE and help support the profession
IChemE is committed to doing all it can to ensure that future generations of chemical engineers, from all backgrounds, are able to contribute to the solution of the pressing challenges facing society, climate change, the supply and stewardship of energy, food and water resources, appropriate and affordable healthcare and so on – solutions of which chemical and biochemical engineering will be a vital part.
By leaving a legacy you will be making a lasting personal contribution to the future of our profession and to those who will build on the foundations we have laid.
How to leave a legacy
There is more than one way to leave a gift in your will, depending on your personal circumstances.
A residuary legacy allows you to leave IChemE a proportion of your estate after your family and friends have been taken care of. The advantage of this type of legacy is that it automatically keeps up with inflation and can help reduce any inheritance tax that needs to be paid.
A pecuniary legacy allows you to leave a specified sum of money to IChemE. This type of legacy will decrease in value over time due to the effects of inflation so to avoid this you can arrange for your legacy to be index-linked to the retail price index.
A reversionary legacy allows you to leave the whole of your estate to your family and loved ones during their lifetime, and afterwards it will revert to IChemE and any other charities of your choice.
If you would like your gift to be used for a specific purpose or activity you can include this in your will. Alternatively your gift can be left to IChemE’s general charitable purposes to be applied at the discretion of our Trustees.
How to make a will or update your will
If you would like to leave a legacy to IChemE in your will then the following wording can be used.
I give [the residue of my estate or X share of my residuary estate] to the Institution of Chemical Engineers, Davis Building, Railway Terrace, Rugby CV21 3HQ (registered charity number 214379) for its general charitable purposes and I declare that the receipt of the Chief Executive or other proper officer of the charity for the time being shall be a full and sufficient discharge to my executors.
I give free of tax the sum of [£________ (in figures and words)] to the Institution of Chemical Engineers, Davis Building, Railway Terrace, Rugby CV21 3HQ (registered charity number 214379) for its general charitable purposes and I declare that the receipt of the Chief Executive or other proper officer of the charity for the time being shall be a full and sufficient discharge to my executors.
Your solicitor or professional advisor will be able to provide you with the wording for this form of legacy.
If you already have a will and you now wish to add a gift to IChemE, one simple way of changing your will is to use a codicil. A codicil is an additional instruction that you can add to your existing will. The document will need to be signed in the presence of two independent witnesses and should be kept in a safe place with your will.
However, we always recommend that you consult a solicitor or professional advisor when making or changing your will.
Naturally we would like you to tell us if you have pledged a legacy to IChemE so that we can acknowledge your generosity: but that is entirely at your discretion. To do so please complete this form.
Gifts to charities are generally exempt from inheritance tax. In addition, following recent changes in legislation, if you leave 10% or more of your estate to a charity in your will you may benefit from a 10% reduction in the rate at which inheritance tax is paid from 40% to 36%.
For further information visit the HMRC website.
These benefits differ internationally and your financial advisor is best placed to advise you.
If you have any questions about leaving a legacy to IChemE in your will please contact Jo Downham or call +44 (0) 1788 578214.