Leave a legacy
Leaving a legacy for ASF is a simple gesture; however, it requires certain formalities.
In your will
So that your final wishes can be respected, they must be included in your will. This document allows the organisation of the distribution of your assets to the persons or organisations of your choice. There are three kinds of recognised wills. In all cases, we recommend that you consult a lawyer before creating one.
- Holographic will written, dated and signed by the testator and filed or not with the notary.
- Authentic will (or deed), written by the notary themselves, in line with the wishes of the testator and once signed kept by the notary.
- International will, given by the testator to the notary who then prepares a statement. This is kept by the notary in a sealed envelope with the will.
The Flemish government decided to repeal the inheritance tax on donations in favor of charitable organisations from 1 july 201.
Legacy duo (section 64(2) of the inheritance law) allows you to bequeath part of your wealth to ASF while leaving as much as you wish to a close relative or friend. You can choose a person X (i.e. a family member) as heir free of any inheritance tax to be paid, provided that person Y (i.e. ASF) covers the inheritance tax due.
The advantage of this method is that it exempts the heir from inheritance taxes as it is ASF that covers these. In other words, ASF pays its own taxes and those of your heirs and legatees. Through this method, you will pay less inheritance tax and your heirs or legatees will receive more. As to ASF, it receives, ultimately, financial support enabling it to sustain its actions in the field. Specifically, the legacy duo requires the following process:
- You write up a will.
- You bequeath a portion of your assets to one or more persons (person(s) X).
- You bequeath the remaining amount to an association that will be responsible for the payment of the full inheritance tax (person Y).
The advantage of the legacy in duo lies in the difference in the rate of inheritance tax required of a private heir (up to 65%) compared with that required of ASF (8.8% and 12.5% in Brussels). The rate of inheritance tax is also based on the size of the inheritance and the degree of kinship of the heirs. For further information on this issue, we suggest you consult your lawyer.
Frequently Asked Questions
- How will my legacy be managed?
Since the early days of ASF, the organisation has strived to maintain a balance between private donations and institutional funding to maintain its neutrality and its impartiality. In keeping with our policy of transparency, we publish our financial figures in our annual report. The management of your legacy or donation is undertaken by experts who are responsible for its integration into the heritage of the organisation.
- How much is inheritance tax?
As an international organisation, inheritance and cession tax paid by ASF is limited to 8.8% and 12.5% in Brussels.
- Can I bequeath property?
ASF is capable of accepting bequests involving real estate. Once these assets are sold, the income from their sale will support the activities of the organisation. However, if these buildings can be used to achieve the objectives of the organisation, they remain as assets of the organisation.
- What happens to personal property such as a stamp collection or works of art?
In principle, these assets will be sold except if you wish otherwise. In this case, ASF will act according to your wishes, for example, by making them available to museums.
- Can my will be revoked?
A will, which does not come into effect until death, can be revoked by yourself at any time. When you die, only the most recent will is taken into account.
Do not hesitate to contact our finance department if you have further questions: Pierre Heddebaut – Operations Director – email@example.com – tel + 32 (0)2 223 36 54.