Leaving AWME a Residuary Estate
If you would like to leave Andrew Wommack Ministries a share or percentage of your estate, (after any debts, tax and legacies have been paid), this would be an amazing contribution to the furtherance of our work God has called us to do.
If you are including Andrew Wommack Ministries - Europe alongside other beneficiaries, then you will also need to think about the identity of those other beneficiaries, if they are not all charities. This is because gifts to charity are free from inheritance tax but gifts to non-charities are liable to inheritance tax depending on the value of your estate. Your executors – and we as a charity – need to be clear about how you intend the inheritance tax benefits of leaving a gift to charity to be allocated. This is a complicated area of law and we would strongly advise that you seek legal advice to make sure you will achieves what you wish.
If you are happy for Andrew Wommack Ministries - Europe to have all of the advantages of its tax-free status, then the wording below should assist:
“I GIVE [all of][X% of] the Residue of my estate to ANDREW WOMMACK MINISTRIES - EUROPE (Registered Charity Number : 1124541) of Grace International Centre, Leamore Lane, Walsall, West Midlands, WS2 7PS, for its general charitable purposes AND I DIRECT that the receipt of the Finance Manger or duly authorised officer shall be a valid and appropriate discharge [AND I FURTHER DIRECT that as some (but not all) of the parts of the Residuary Estate will be exempt from Inheritance Tax because of the identity of the beneficiary I DECLARE that the exempt parts are to enjoy the full benefit of the exemption so that as between an exempt part and a non-exempt part the former is (if Inheritance Tax is payable in respect of my estate) to be of a larger net value than the later, and the latter is not to be grossed up in order to produce a net equality of value.]”
The words included in square brackets may not be needed if Andrew Wommack Ministries - Europe is your only beneficiary, or if all of your beneficiaries are charities, but this draft wording should assist your solicitor in preparing a will that reflects your wishes.