A legacy gift is a specific item or donation left in a will. It’s also commonly known as ‘gifts in wills’. Legacy gifts are one of the most significant contributions you can make to a cause you care about, such as Niemann-Pick UK and have the potential to change lives.
There are different types of gifts in wills. Some of the most common gifts that charities receive are:
Residuary gifts – A share, or sometimes all, of an estate after all the other payments have been made.
Pecuniary gifts – A specific sum of money
Specific gifts – A particular item, such as property, antiques, jewellery, and shares.
It is important that the gift is described precisely in your Will so that the executors can understand exactly what you intended to leave as a gift.
Leaving a share of your estate to charity
One of the advantages of leaving a share of your estate to charity is that it doesn’t lose value over time, and if you leave a proportion to charity, you can still ensure other beneficiaries are provided for first.
As well as the gift itself being tax-free, charitable gifts can also reduce the amount of inheritance tax that the rest of your estate will pay.
If you give at least 10% of your taxable estate to charity, the inheritance tax rate for the rest of your estate drops from 40% to 36%. This means that:
- Every £100 you give to charity only ‘costs’ your estate £24
- If you already plan to give at least 4% of your estate to charity, increasing the gift to 10% means that both the charity and your taxable beneficiaries receive more.
The following information is needed for a Will:
- Your personal information – Your Will writer will need your full name, date of birth, current address, relationship status and names and dates of birth of any children you have.
- Your Estate – This refers to all the money, property and possessions you own. It’s also important to include any debts you have, so the net value of your Estate can be calculated.
- Your Beneficiaries – The people who you want to receive your Estate when you die.
- Your Executors – The people who you want to carry out your Will when you die.
- Legal guardians for children – If you have children under 18, you’ll need to name someone who’ll be legally responsible for them.
- Your Trustees – The people who you want to manage any Trusts you leave behind. A ‘Trust’ is where someone holds an asset for the benefit of someone else.
- Other wishes – You can specify in your Will if you have any specific funeral arrangements. You can also leave a ‘Letter of Wishes’. This explains the motivation behind the decisions in your Will and can be useful for your Executor(s).
Steps to make a Will:
- Get all the information you’ll need for your Will – we’ve put together a list of all the information you need to make a Will above.
- Write your Will – you can write your Will yourself, turn to professional advice, or you can use a Free Will Service LINK
- Ensure your Will is legal – to make your Will is legally valid, it must fulfil the criteria set out here(link is external)
- Update your Will – you should review your Will every 5 years and after major changes in your life. For example, a change in your relationship status, having a child or moving house.
When writing your will, if you want to leave a gift to Niemann-Pick UK, you will need to provide your Will writer with details of your chosen charity (the charity name, address and registered charity number).
Our address and charity number
To include Niemann-Pick UK in your Will, please ask your solicitor to use our charity and address details below to ensure the gift reaches us.
Niemann Pick UK, a registered charity in England and Wales (1144406), Scotland (SCO45407).
Registered address: Vermont House, Washington, NE37 2SQ
- Make a list of who you want to benefit from your Will
- List all your assets and their value
- Decide how you want split your money and property
- Check if you need to pay Inheritance Tax
- Use a professional, reputable Will Service provider