How to leave a gift
Leaving a legacy needn’t be difficult to do. Read our tips below for advice when leaving a gift to Coeliac UK in your will.
Assess your estate
Make a list of all your significant assets which may include your property, car, savings, furniture and insurance in addition to any other items of value. Similarly, list your liabilities or debts, such as any outstanding mortgages or loans. This list will help determine the approximate value of your estate so you can consider who you would like to share your assets.
A legacy to a charity can reduce your liability to Inheritance Tax – the threshold is currently £325,000. This may mean less tax for your family to pay and also means that money which would otherwise go to Inland Revenue can be used by those who would really benefit from it. Through careful planning of lifetime gifts and legacies, tax liability can be reduced considerably.
Choose your executors
You need to appoint one or more executors of your will. These are the people who will be able to ensure the wishes of your will are carried out. You may choose your bank, solicitor, a friend or a family member.
Ensure that your will is kept in a safe place and make sure you tell your executors where to find it along with any funeral instructions. It is of utmost importance that it is kept up to date and amended if your personal circumstances change, in instances such as divorce, remarriage, becoming widowed, or if your executor dies or moves abroad.
Arrange to see a solicitor to make your will
Arranging a will doesn’t have to be time consuming or costly. By carrying out preparation beforehand, you can speed up your discussion and possibly save yourself legal fees.
It is important to consult with a professional will writer, such as a solicitor, to ensure your will is valid and that all legal formalities are correctly followed. Otherwise, you could face the problem of having your will declared null and void.
Once the will has been signed and witnessed, it is usually a good idea to let your solicitor or bank look after the original but ensure you keep a copy for yourself.
Decide the type of gift to leave
There are different types of gifts you can leave in your will. These include:
This is a gift of the remainder of your estate after all other gifts have been made and debts cleared. You may either leave the total of the remainder or a percentage of it.
This is a gift of a fixed sum of money. The value of a pecuniary gift will decrease over time as the cost of living increases.
This is a particular named item left as a gift in your will. This may be a piece of jewellery, furniture or a painting.
This is a gift in your will that is dependent upon the occurrence of an event which may or may not happen. This may be a gift to a charity which applies only if the other beneficiaries named in your will die before you.
Please consider joining the growing number of people who have kindly decided to leave a gift to Coeliac UK in their will. These gifts, no matter how large or small, really are invaluable to us and help us to continue our work to improve the lives of people with coeliac disease and dermatitis herpetiformis.