What will the Friends of Buddhism Foundation (VvB) do with my Legacy?
Thanks to the financial support of our Friends, the foundation VvB is able to promote the knowledge and understanding of the principles of Buddhism and stimulate the practical application of these principles in Western society. One of the ways in which we do this is by making Buddhist scriptures available and widely accessible within the Dutch-speaking world. This concerns in particular, but not exclusively, the Pali Canon as translated by Prof. Dr. R.H.C. Janssen and Drs. J.A. de Breet. Since 2019 the VvB has both the management and the publishing rights of this series and publishes on a non-profit basis. See also our long-term plan.
What is the difference between a bequest and a legacy?
An appointment of heir is a fixed part of the property that – after deduction of all costs, debts and legacies – is allocated to heirs. Often, legacies are expressed in percentages. A bequest is a fixed-determined property or amount of money. For example, you can bequeath your home. Legacies are paid out first, what remains is divided among the heirs.
Why does the Friends of Buddhism Foundation not pay inheritance tax?
The Friends of Buddhism Foundation has been designated as an Institution for General Benefit (ANBI). ANBIs are exempt from inheritance tax by the tax authorities. Other heirs do have to pay inheritance tax, depending on your relationship with them, up to 40%.
Can Stichting VvB also be an executor?
Yes, under certain conditions, the Foundation can take on this role and settle your bequest for you. We fulfilled this role for one of our donors in 2020. It is
important, however, that you contact our chairman, André Kalden, before you make arrangements.
Can I make a specific bequest to a particular part of the work of Stichting VvB?
You can, but in order to ensure that your wishes are carried out over a longer period of time, we prefer to discuss this with you. You can also contact our chairman about this.
Can Stichting VvB help me find a notary?
We cannot recommend a notary or guide you, as making a will is a personal matter between you and the notary. Having said that, we can suggest how to find one.
Can I use a codicil to arrange my estate?
In a handwritten codicil you can record who will receive your furniture, jewellery and clothing when you die. You can also describe your wishes regarding your funeral. However, a codicil is no substitute for a will. It is not possible to assign sums of money to someone or to us as a foundation by means of a codicil.
How does Stichting VvB find out that I have died?
It is the executor’s task to inform all heirs. You can also appoint a notary as executor. However, the execution of a bequest by a notary involves (extra) costs which are deducted from the inheritance.
How much does making a will cost?
It is advisable to enquire at various notaries, as prices can vary considerably. A complex will is more expensive than a simple will.
Can I change a will after it has been made?
Certainly. Previously made wills are then replaced by the newest version of your will.
What is a living will?
With a living will you arrange who will look after your interests if you are no longer able to do so yourself during your lifetime. For instance, if you are no longer able to give informed consent. A living will can also be arranged at the civil-law notary’s office. You can give a power of attorney to someone you trust to act on your behalf. You can give a power of attorney to look after your financial interests, but also for your medical interests. In this way, you are still in control, even if you are unable to do so yourself (temporarily or otherwise). A living will is therefore different from a will to regulate your bequest in the event of your death.
Do you want to know more?
Feel free to contact André Kalden if you seek more information. He will answer all your questions, personally, confidentially and without obligation: +31 6 24600678.