The Codicil Scheme is designed to encourage Companions to bequeath a sum of money in their Will to the Provincial Grand Chapter of Buckinghamshire.
For those who already have a valid Will in place the task simply involves adding a Codicil to the Will.
As you know, it is prudent to review Wills regularly to cater for ever-changing circumstances and legislation.
It is equally important to remember that Companions first consider providing for their families and dependants in their Will before charitable bequests.
Reasons for the Scheme
The Provincial Grand Chapter's main source of income is the annual subscription paid by its members.
In the last three years our Capital Reserves have depleted considerably due to circumstances beyond our control.
The reality is that our income remains static while expenditure tends to rise annually. Unless we take positive action now to build up our cash reserves the Province could be in the embarrassing position of not being able to meet its obligations should there be an unexpected call on our resources in the next two years. Apart from catering for contingencies, a healthy bank balance would enable the Provincial Executive to support freely and independently, both masonic and non-masonic Charities.
How it works
Bequests can be of specific amounts or alternatively, the entire residue or balance of an Estate can be bequeathed to Provincial Grand Chapter. All such donations must be in cash form and are entirely voluntary and confidential.
Shares and other tangible assets cannot be absorbed into our funds at present and therefore they have to be sold by the Executors and the proceeds transferred to the Provincial Grand Chapter. It is recommended that Companions take legal advice from their solicitors in order to avoid unnecessary complications in the future. Companions who have not made a Will as yet should remember the importance of making a Will and leaving their affairs in order at what is a traumatic time for their families. They should consult a solicitor of their choice without delay when they can incorporate the intended bequest within a new Will. In either case, there should be no conditions attached to the donation and the Provincial Executive should be free to employ the funds for the benefit of Companions in Buckinghamshire.
Increased level of Provincial reserves and assured future assets thus stabilising increases to annual subscriptions.
Benefits apply to present and future generations. Codicil Scheme route is quick and efficient. No need to part with cash now.