Making a will is about securing your family’s future, after you’re gone. By leaving a gift in your will, you’ll help secure our future too. That’s a legacy to be proud of.
Frequently asked questions
Find the answers to some commonly asked questions about leaving a gift, answered by Ellie Hirst, private client solicitor at Chadwick Lawrence Solicitors.
There are different types of gift that that can be left in your will. This can either take the form of a specific gift (an item), a pecuniary gift (a cash sum), or a percentage share of the estate (the residuary estate that is left after debts and liabilities have been discharged). A percentage may be beneficial instead of leaving a legacy which may reduce in value due to inflation. This way, Forget Me Not will receive a proportional gift depending on your personal wealth.
You will need the charity’s full name, address and charity number which are:
Forget Me Not Children’s Hospice
Russell House, Fell Greave Road, Huddersfield, HD2 1NH
RCN: 1110457
Aside from the fact that any gift helps tremendously in continuing our work, there are taxation benefits to leaving a gift in your will to a charity. Any gift to a charity is exempt from inheritance tax, and you may qualify for a lower rate of inheritance tax if you leave a certain percentage of your estate to charity.
We recommend that you include the gift in your will but express where you would wish for your funds to be used in a separate Letter of Wishes to guide your executors.
You should consider who you would appoint to act as your executors who are the person(s) who would administer your estate. You should also consider who you would wish to look after your children, and where you would wish for your personal wealth and items to pass.
We recommend that you seek independent professional legal advice when writing or updating your will to enable you to obtain advice on inheritance tax which is tailored to your personal circumstances. This is because differing tax rules apply to each individual’s circumstances. Advice can also be given on succession planning in the interests of care home fee planning and where couples have children from prior relationships.
If you already have a will, you can simply create a new one, as a new will automatically revokes a previous will. If you just wish to leave a legacy to the charity but keep the rest of your will the same, it is possible to add a ‘codicil’ which is essentially an addendum to your will.
Special inheritance tax rules apply to gifts to charity. Any gift to a charity is exempt from inheritance tax and if you leave a specific percentage of your will to charity, then you may qualify for a lower rate of inheritance tax.
You can simply change your will if you change your mind or your personal circumstances change. There is no limit on the amount of times that you can update your will. We always recommend that you change/review your will if your circumstances change in any event to ensure that it still accords with your wishes and is tax efficient.