Leave a gift in your Will – FAQs
Your Will is personal, and deciding what you’d like to leave is the first step. You might choose to leave a specific amount of money, or a proportion of you estate, once friends and family have been looked after. You could even choose to leave a particular item, such as jewellery or shares.
Making a Will is straight forward. Before you visit a solicitor, its’s worth putting together a list of your assets (what you own) and liabilities (what you owe), so you can work out what your estate is worth. This simple checklist is a good starting point and could save you time and money at the solicitors.
Having a Will isn’t a legal requirement, but it’s the only way to ensure that your estate is passed on to the people and charities that you want it to go to. Without a Will, it’s the legal system that will decide who receives what from your estate.
Is it really expensive?
On average, it may cost between £80 and £150 to arrange a new Will, which is a small price to pay for such an important document. A well-written Will can help make sure your loved ones don’t pay any more Inheritance Tax than they need to, and can avoid any expensive legal complications later.
What is Inheritance Tax and how does it affect me?
Inheritance Tax (IHT) is a tax that is charged on the portion of your estate that exceeds a certain level at the time of your death. A gift to charity in your Will could reduce your liability. The current IHT threshold (as of June 2011) is £325,000. If the value of your estate, including your home, is above this, you’ll have to pay the current 40% rate of IHT on that additional amount.
Since 6 April 2012 however, your IHT rate will be cut to 36% if you leave at least 10% of your estate to a registered charity.
Everybody’s financial affairs are different, so we always recommend talking to your solicitor or financial advisor.
What if I want to change something?
It’s natural to change you mind. That’s why it’s important to regularly review your Will, to take into account any changes in your life and to Inheritance Tax rules. If you’ve already made a Will, it’s easy to add a gift to a charity by using what’s called a ‘Codicil’ – to find out more, just ask your solicitor.
What wording should I use to include a gift to Living Paintings in my Will?
We strongly recommend you have your Will drafted by a solicitor to ensure your wishes are properly carried out. Here are some examples you may find useful:
Residuary Gift (the remains of your estate after any specific gifts have been distributed, and any debts have been paid):
“I give free of Inheritance Tax (…%) of the residue of my estate to The Living Paintings Trust…”
A Pecuniary Gift (a specific sum):
“I give free of Inheritance Tax the sum of …pounds to The Living Paintings Trust…”
Then follow with:
“…whose Registered Office is situated at Unit 8 Kingsclere Park, Kingsclere, Newbury, Berkshire, RG20 4SW (Registered Charity No: 1049103), for the general charitable purposes of the Association, and I declare that the receipt of an authorised official for the time being shall be a good discharge to my executors.”
For a pecuniary gift, you may wish your gift to be adjusted for inflation. We suggest you see a solicitor for suitable wording.
I want to leave a gift to Living Paintings. What are the charity’s details?
The Living Paintings Trust
Unit 8 Kingsclere Park
A charity registered in England No: 1049103