One of the ways in which people choose to support a charity is by leaving a gift in their Will. Putting your affairs in order and making a Will is an important responsibility, particularly if you have family or others that are dependent upon you.
If you have close relatives, their interests will naturally come first when you make your Will, but when you have provided for them, you may like to consider gifting something to the Dorset and Somerset Air Ambulance.
You may choose to include a legacy to us at the time you make your Will or, if you have already made it, you might consider adding a codicil to provide for your bequest. Your bequest could take the form of a specified sum of money or a share of your residuary estate. Either way, because we are a registered charity, your bequest will be FREE of inheritance tax.
We realise that this is a big decision and one that you won’t take lightly, but leaving a gift to the Dorset and Somerset Air Ambulance is simple and can have an enormous impact on our service, for years to come.
There are three simple ways that you can make a huge difference:
A residuary legacy: A residuary legacy will leave Dorset and Somerset Air Ambulance a share or the whole of your estate after your other wishes and expenses have been met. A residuary legacy ensures your family are provided for first, and your gift may grow over time as the value of your estate increases.
A pecuniary legacy: A pecuniary legacy is the gift of a specific amount of money. By leaving a pecuniary legacy to Dorset and Somerset Air Ambulance you can fix an amount in your Will, but its value may be reduced over the years by inflation.
A specific legacy: A specific legacy is the gift of a physical item or items in your Will. This may be property or jewellery, for example.
Whichever way you choose, that decision ensures that the Dorset and Somerset Air Ambulance can continue to provide it’s services to the people of Dorset and Somerset.
WHAT IF YOU ALREADY HAVE A WILL?
If you have already made your Will, a bequest to our charity may be added to it by way of a Codicil. A codicil is a way to add a gift to Dorset and Somerset Air Ambulance to your latest Will. It is a supplement to your Will that can make changes or amend and allow additions to that Will.
If you already have more than one Will make sure that this codicil refers to the latest Will – also clearly identify which codicil this will be, first, second, third etc.
Unless the change you are making is very straightforward we recommend that you consult your solicitor and consider having your Will redrafted.
If you decide to update your will using a codicil, here are a few basic rules:
- Just like a Will, you will need two adult witnesses to you signing the codicil. They, or their spouses cannot be beneficiaries. They do not need to see the contents of the codicil, merely that you sign it in their presence
- The witnesses need to write in their names and addresses and sign the codicil
- Keep the completed codicil with your latest will, but not attached by pins or staples etc, in a safe place
- Send a copy of the Will and codicil, in a sealed envelope if you prefer, to a trusted person. This could be your executor, solicitor, good friend, charity beneficiary and let them know where the original Will and codicil are stored.
Inheritance Tax - From April 2012, the Chancellor has introduced a reduced rate of inheritance tax.
The Government has launched a scheme called “Legacy 10” aimed at encouraging those who support charities in their lifetime to also do so in their wills.
How does it work?
If you decide to leave 10% or more of your estate to charity, the inheritance tax reduces from 40% to 36% (Note: Inheritance Tax is only applicable to estates exceeding £325,000).
Find out more about inheritance tax and charitable giving on the HMRC website
For further details on how your can support us, please contact us on: 01823 669604 or email: email@example.com