What happens to my shares when I die?
Special rules apply to shares in a Community Benefit Society.
You are allowed to nominate a beneficiary who will receive your shares after you die. We will then put the shares in their name automatically when we are told of your death.
You can nominate a person to receive your shares when you die by filling in a nomination form here and send it back to manager, Farfield Mill, Garsdale Road, Sedbergh LA10 5LW
If you change your mind about who you want to be the beneficiary of your shares, make sure you send a new nomination form to the Society.
There is a tax advantage to nominating a beneficiary. If you nominate someone to receive your shares when you die, they do not form part of your estate, and your estate will not have to pay inheritance tax on those shares.
However, you can only nominate someone to receive the first £5,000 of your shares in this way. Any shares above £5,000 will form part of your estate, and pass either under your will or according to the laws of intestacy. They may be subject to inheritance tax.
If you want to inform us of the death of a member then email firstname.lastname@example.org
What if I don’t want to be a Member any more?
You can resign from the Society by withdrawing all your shares. When you have no shares, you cease to be a member. At the moment you cannot withdraw your shares until such time as we are in a position to pay back your investment.
If you don’t want to wait until you can withdraw your investment, you can surrender your shares to the Society instead. Surrendering your shares means in effect that you will have given the money you investment to Farfield Mill outright. We will cancel your shares and will no longer be a Member. If you want to surrender your shares then please fill in this form here
How do I let you know my details have changed?
If your details have changed please email us at email@example.com
We are currently advertising a Director vacancy and hope to attract professional candidates with experience in creative programmes and/or Heritage organisationsal. The successful candidate will be appointed by the Board from outside the membership.
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