Why should I make a Will?
Making a Will means that you can decide how your property, money and possessions are distributed, and who should inherit them. It also means that your loved ones can manage your financial affairs with minimum distress and anxiety.
Why should I include Wakefield Hospice in my Will?
After you’ve provided for your loved ones, you may wish to consider including a small gift for Wakefield Hospice. The hospice receives only 25% of its running costs through central funding, so donations from local people are essential. You may want to discuss your decision with your family so they know your wishes. We understand that those closest to you will come first. We also know that personal circumstances can change and there may come a time when you need to review your Will. Any gift that you leave to the hospice will be carefully used. Whether it’s a sum of money, a share of your property or a specific item, any gift is very gratefully received.
How will you use my gift?
Every year gifts in Wills make a significant contribution to keeping the hospice running. Thousands of people have benefited and will continue to benefit from the care that the hospice is able to provide through gifts in Wills, and we’re very grateful to everyone who remembers the hospice in this special way. Your gift will be used with the utmost care. You may wish to avoid including specific conditions about how your gift is used, so it can be used wherever the need is greatest. If you would like your gift to be used in a certain way, we can suggest some wording to use in your Will to help us honour your wish.
How do I make a Will?
Making a Will is a lot easier than you might think, and it allows you to decide what happens to your savings, your house, and your possessions after you're gone. You can include your favourite charities too. Having a professionally prepared and up-to-date Will is the best way to ensure that your loved ones and favourite charities receive the gifts you want them to have, so we recommend that you use a solicitor when making or changing your Will. You can find a solicitor in England or Wales through the Law Society. Call them on 020 7320 5650 or visit the Law Society website
. Making a Will can seem like a daunting prospect, but with the right professional advice it doesn’t have to be.
Do I have enough to leave a gift in my Will?
Your gift could be a small percentage of what you own. It could also be a specific amount of money, or perhaps an item such as jewellery, furniture or property. Large or small, every gift helps. You may wish to consider leaving a percentage of what's left after all other gifts have been distributed, as this can be more valuable than leaving a fixed sum.
How do I leave a gift to Wakefield Hospice?
There are several ways you can leave a gift to Wakefield Hospice. Your solicitor can give you details. If you’d like to leave a gift to support our work, you’ll need to specify in your Will what you propose to leave to Wakefield Hospice. Please identify Wakefield Hospice as the intended recipient of the gift – include our registered charity number 518392. There are two main types of gift you can make:
- An item or a set amount of money – this is sometimes called a ‘pecuniary’ or ‘specific’ legacy
- A percentage of your estate (your ‘estate’ is all your assets such as property, money and possessions). This is sometimes called a ‘residuary’ legacy and is calculated after all outstanding debts and other legacies have been paid.
A percentage of your estate, or ‘residuary gift’, is often the most beneficial type of gift as it keeps its value with inflation. Even a gift of 1% of your estate can make a big difference. It can be helpful if you include clear reasons for the decisions you've made, and appoint an executor who understands your affairs and wishes.
How do I change an existing Will to leave a gift to Wakefield Hospice?
If you wish to amend your Will to include a gift to Wakefield Hospice, you can complete a codicil form. This is a simple addition to your Will. Complete the codicil form and send it to your solicitor, who should not charge you for appending it to your existing Will. The original Will and codicil are then read together. It is important that you take professional advice about this. Alternatively, you could ask your solicitor to prepare an entirely new Will which combines the original provisions and the additional gift in one document.
Are there tax benefits to including the hospice in my Will?
Inheritance Tax is paid if a person’s estate (their property, money and possessions) is worth more than £325,000 when they die. This is called the ‘Inheritance Tax threshold’. The rate of Inheritance Tax is 40% on anything above the threshold.Your gift to Wakefield Hospice would be completely free of Inheritance Tax. Including a gift to Wakefield Hospice could also reduce the tax payable on the rest of your estate. If 10% or more of the ‘net value’ of an estate is left to charity, the rate payable on the rest of the estate may be reduced to 36% (instead of 40%) on some assets. Find out more about Inheritance Tax on the government’s website. If you think your estate may be liable to Inheritance Tax and you wish to try and reduce the liability, you should seek the advice of a solicitor, accountant or independent financial adviser.
Do I have to tell Wakefield Hospice about my gift?
You don’t need to let us know your intentions. We understand that including a gift in your Will is a very personal matter. However, if you decide to support us with a gift we’d love to hear from you. We don’t need to know any details, but we can say ‘thank you’ and keep you up to date with our work if you’d like us to. If you’d like to let us know your intentions, please contact Keeley Harrison, our fundraising manager. Call 01924 331405, email firstname.lastname@example.org or write to Wakefield Hospice, Aberford Road, Wakefield WF1 4TS.