We would rather not think about the day we will no longer be here. Yet it makes sense to do so. By drawing up a will, your money goes to the people and causes that matter to you. It is reassuring to think carefully about how your possessions will be divided and to know that everything is well arranged.
Besides family and friends, you can also include a charity in your will. This gives your estate a special purpose that suits your personality, and you do something lasting for a better and more beautiful world.
Do you feel close to Oscare vzw and would you like to include it in your will? You can do so through a legacy.
There are three types of legacy
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Universal legacy
With a universal legacy, the deceased leaves their entire estate to one person or institution (for example a charity), except for certain possessions left specifically to other heirs. This share is often called the ‘disposable portion’, which can be freely given to heirs who are not protected heirs (such as a charity). Protected heirs, such as children or the surviving spouse, always keep their legally ‘reserved portion’.
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Legacy by universal title
With a legacy by universal title, the deceased leaves a specific part of their estate to a person or organisation, such as a percentage of all possessions, a certain type of property (for example all real estate), or a category (such as all movable property). The law still provides a ‘reserved’ portion for close relatives (children, spouse), so the deceased can only freely dispose of the disposable portion.
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Specific legacy
With a specific legacy, a particular item or a certain amount is left to a person or organisation, such as a sum of money, a house or an art collection. The deceased decides exactly what is left, and to whom. The specific legacy concerns particular possessions, and the recipient is obliged to respect the wishes of the deceased.
A legacy can include a sum of money as well as a gift in kind (e.g. a building or a collection of paintings). The deceased decides the purpose of the legacy, and Oscare vzw is obliged to fulfil their wishes.
In any case, contact your notary first and entrust your will to them. This guarantees that your last wishes are properly recorded.
During an explosion of liquid aluminium at around 750°C, I suffered third-degree burns all over my body.
Legacies and inheritance tax
For deaths in Flanders, the tax advantage of duo legacies was abolished from 1 July 2021. For Brussels and Wallonia the situation remains unchanged. Legacies to ‘charities’ are fully exempt from inheritance tax. More about duo legacies (in Dutch)
The decree introducing the zero rate for legacies and gifts to charities was voted and approved in the Flemish Parliament on Wednesday 18 March 2021. This tax reform of inheritance and gift tax applies in Flanders from 1 July 2021.
In practice, this means that if you live in Flanders and give or leave something to Oscare vzw, we no longer have to pay inheritance tax on it. Duo legacies no longer give a tax advantage for deaths in Flanders from 1 July 2021. For Brussels and Wallonia the situation remains unchanged.
Questions about a legacy?
Your notary can tell you more. You can also contact us through our contact form.