Leave a gift in your will
After you’ve taken care of your loved ones, leaving a gift or part of your estate to Safe & Sound in your will is a wonderful way of making sure that we can be here to provide support and guidance to Derbyshire’s most vulnerable children and young adults whenever they need us.
We know that considering leaving a gift in your will is a big decision, so please take plenty of time to decide. We also recommend that you consult with your solicitor before making any changes to your will.
It won’t cost you a penny in your lifetime, but it will make a lifetime’s difference to the children of Derbyshire who need your help.
How to Make a Will
Making a will isn’t just something to do when you’re older – a will comes with many benefits to you and your loved ones at any time. A will can be broken down into the following three steps –
What have I got to leave?
Before you go to your solicitor, try to make a list of all the major assets you have.
These include your home / any properties you own, as well as vehicles, furniture, Items of particular value (e.g. jewellery) and House effects (e.g. antiques).
You should also consider your finances, including savings in banks and building societies, shares, investments, insurance policies and pensions.
What to leave to whom?
This forms the main part of the will. This bit can get complicated, but a solicitor can help you guide through the process. Before you go to see a solicitor it’s best if you’ve already got an idea about who you would like to receive gifts.
Making your will and ensuring it’s kept up-to-date will help to put your affairs in order and look after your loved ones when you’ve gone, but can also make a difference to causes and charities that you value – such as Safe and Sound.
Types of donation
The most common types of donation are described below:
Residuary – A share of the estate, or more accurately, what is left of the estate after all the debts, costs and other bequests have been settled, for example 10%
Pecuniary – This is a fixed sum of money (e.g. £500, £5,000) specified in a will as a gift. Pecuniary bequests are not usually subject to inheritance tax.
Specific – This is a specified item e.g. ‘Gold necklace’. Specific bequests are not usually subject to Inheritance Tax.
Will wording examples:
If you would like to include Safe and Sound in your Will, we’ve provided examples of a residuary bequest and a pecuniary bequest to take along to your solicitor:
Residual Bequest:
I leave all the residue of my estate or a XX% share of the residue of my estate (without the deduction of Inheritance Tax) to benefit Safe and Sound Group, East Mill, Darley Abbey, Derby, Derbyshire, DE22 1DZ, registered charity number 1093936, for its general charitable purposes absolutely.
Pecuniary Bequest:
To Safe and Sound Group, East Mill, Darley Abbey, Derby, Derbyshire, DE22 1DZ, registered charity number 1093936, for its general charitable purposes absolutely. I leave the sum of £(amount in figures and words).
If you are going to leave a donation to Safe and Sound in your will, we’d love to hear about it. Please get in touch with Tom Stanyard on 01332 362120 or [email protected]
I’ve already made a will but want to leave a gift
If you’ve already made a will but want to include a gift to Safe and Sound within it, you may be able to add something called a ‘codicil form’ to your existing will. This allows the rest of the will you’ve already arranged to remain in place, but adds in an amendment (such as leaving a donation to charity)
We strongly advise consulting with your solicitor before adding a codicil, but you can view an example here –
While we cannot provide legal advice we would be happy to discuss any questions you have about leaving a gift in your will to Safe and Sound.
FAQs about Wills
Why should I make a Will?
A will is the only way of making sure your loved ones are looked after in the way you wish after your death. If you die without a will in place, a court will appoint administrators to deal with the distribution of everything you own (your estate).
They won’t know your wishes and you’ll have no control over how they divide your estate – so making a Will is really important.
How do I know what to leave?
The first step to knowing what to leave is to value your estate. Essentially, your estate is what you own (your assets) less any debts (like a mortgage). The figure you’re left with is your estate. Your solicitor can help you do this.
What is an asset? Things like your house and its contents, any vehicles, jewellery and antiques you own. You also need to take into account your financial assets, including savings, investments, life-insurance and any money owed to you.
What is a debt? Things like a mortgage, bank overdraft, any loans, hire purchase agreements or credit cards.
Once you know an estate value, you can draw up a list of everyone you wish to benefit from your will, by how much and in what way.
How can I be sure my will is valid and accurate?
A will is a legal document and trying to write your own can be difficult. One small mistake and your will could become invalid. If you are looking at creating a will, it’s best to get it drawn up by an experienced solicitor.
How much will it cost?
A straightforward will is normally under £150. It will be worth every penny to ensure your instruction are followed and your loved ones – and the causes you believe in – are provided for as you wish.
Will my loved ones have to pay Inheritance Tax?
Yes, if the value of your estate is worth over £325,000 (2019 figure), your loved ones will end up paying Inheritance Tax. There are different rules if you’re married and leaving anything to your spouse.
Charity gifts are exempt, so your loved ones will only pay the tax on the value of your estate after this gift has been made.
There may be other ways that you can further reduce Inheritance Tax and we strongly advise you speak to a solicitor or financial advisor if you require further guidance.
Why would I need to update my will?
Keeping your will up-to-date is as important as making one. Your wishes, circumstances and family arrangements can change over the years – influenced by factors such as marriage and divorce, the birth of children and grandchildren or receiving an inheritance. Any of these events would make an updated will essential.