How to leave a gift in your Will – Guide

First of all, thank you very much for thinking about us when it comes to including a gift in your will.

 

Where to start

If you haven’t yet drawn up a will, we recommend using a will-writing professional such as a solicitor or someone from your bank. It’s not a particularly difficult or expensive process and could save a lot of time and expense later. In particular, a note to remember, if you draw up your own will there’s no guarantee it will be legally valid.

Valuing your estate

Before you go and see a will-writing professional, it’s important to try and calculate what your estate is worth, so that you have the information needed to make decisions about your will. Don’t forget to include things like valuable items (jewellery for instance) and, of course, any property you own and any outstanding debts you may have

Choose your beneficiaries

You may want to secure the future of your family and/or friends first. This may mean setting up a trust for dependents. Many people then choose to leave a percentage of their estate to various charities. We sincerely hope that you’ll include us in your will and offer the hope of a life free from pain to future generations of Chronic Pain Sufferers.

 Types of gift

The different types of gift you can leave are:

Residuary gift
This is what remains of your estate, once other gifts and payments and expenses  have been made. A residuary gift will keep pace with inflation meaning you are able to choose what proportion of your estate is left to friends, family or charity.

Pecuniary gift
This is a fixed sum of money, like £1,000 or £10,000. Of course, it doesn’t take into account inflation or the total value of your estate.
Specific gift
this means leaving something of value like an item of jewellery to furniture or property

Conditional

A gift you would make if the person you first intended to benefit died before you. Making the decision will depend on your wishes and the kind of estate you are likely to leave. A professional can offer useful advice here.

Choose your executors

Appoint the individuals responsible for ensuring that your wishes are fulfilled. They will be named in your Will. It’s a good idea to name at least 2 people as executors. Before doing so, check they are happy for you to do this. You can name a bank or solicitor as an executor if you wish.

Arrange to see a solicitor

It’s important to ask a legal professional to draw up your Will to ensure your wishes are properly carried out.

You can visit the Remember A Charity website to find a solicitor in your local area, who will be able to advise you on leaving gifts to charities when making a Will.

Make sure your solicitor uses our full charity details in your Will

Our full name, address and registered charity number is: Pain Relief Foundation, Clinical Science Centre, University Hospital Aintree, Lower Lane, Liverpool, L9 7AL: Registered Charity Number 1156227

Suggested wording

Here are some examples of how a gift to a charity like Pain Relief Foundation should be worded

 Pecuniary or specific legacies
” I give, devise and bequeath to the Pain Relief Foundation, Clinical Science Centre, University Hospital Aintree, Lower Lane, Liverpool, L9 7AL: Registered Charity Number 1156227, the sum of £XX (XX pounds) for its general charitable purpose and I declare that the receipt of the Secretary or other proper officer shall be a good and sufficient discharge therefore.”

Residuary legacy
“Subject as aforesaid I give, devise and bequeath to the to the Pain Relief Foundation, Clinical Science Centre, University Hospital Aintree, Lower Lane, Liverpool, L9 7AL: Registered Charity Number 1156227 the whole [or a _____share (e.g. one quarter or 25%)] of my residuary estate for its general charitable purpose and I declare that the receipt of the Secretary or other proper officer shall be a good and sufficient discharge therefore.”

 Inheritance Tax

Inheritance Tax is due on your estate only if it is valued over the current Inheritance Tax threshold or ‘nil rate band’ (£325,000 in 2011-12). Your estate value also includes any assets held in trust and gifts made within seven years of death. The tax is payable at a rate of 40% on the amount over the threshold, but not everyone pays Inheritance Tax as most estates are valued below the threshold.

If you are a married couple or civil partners, you can increase the threshold on the estate when the second partner dies – to as much as £650,000 (in 2011-12). For further information on how to transfer an unused Inheritance Tax threshold, please visit HMRC.

Should your estate be liable to Inheritance Tax, you could choose to include a gift to charity and reduce the amount due. The value of a gift will be deducted from your estate before Inheritance Tax is worked out.

From 6th April 2012, changes to Inheritance Tax laws will be introduced so that if you make a gift to charity of 10% or more of your estate, the Inheritance Tax rate will be reduced from 40% to 36%.

For further information, please visit HMRC

Keep your Will somewhere safe

Your solicitor will often look after it for you, but you may wish to retain your own copy too. Tell a relative or close friend where the original copy of your Will is stored.

Please notify us of your intentions

If you have already a legacy to the Pain Relief Foundation, we would appreciate it if you could let us know by calling us on 0151 529 5820 or email administrator@painrelieffoundation.org.uk