Making a Will
How to leave a gift in your Will
There are a few ways you can leave money to Children’s Hospice South West in your Will. If you have yet to make a Will then it can easily be included. If you already have a Will, you can amend it with a Codicil. Your solicitor will let you know about the options available to you.
Making a residual gift
You may choose to leave money by making a residual gift. This means we receive all or part of the residue of your Estate once everything else has been taken care of. This includes any debts that must be paid out of your Estate and any specific or pecuniary legacies that you have left to friends or family.
If you decide to leave a residual gift then you may want to give this wording to your solicitor:
I give all [or a …% share] of the residue of my Estate to Children’s Hospice South West, Little Bridge House, Redlands Road, Fremington, Barnstaple, Devon EX31 2PZ, Registered Charity No. 1003314, to be used for its general purposes and I declare that the receipt of the treasurer or other proper officer shall be a full and sufficient discharge.
Making a pecuniary or specific bequest
If you decide to leave a specific sum of money or a specific item of value like a treasured possession, then you will need to inform your solicitor that you wish to make a pecuniary bequest. In the case of leaving a fixed sum you may choose to link your bequest to the Retail Price Index (RPI) so that its value will be maintained over time.
Leaving a legacy of love
At Children’s Hospice South West we provide help and support for children and their families who are living with life-limiting or life-threatening conditions. Thanks to you, we are able to look after more than 500 children every year in the South West. Of these, some come to us for palliative care, some for emergency care and many for planned respite and a rare opportunity for a break away.
We also provide a loving and caring place for every member of every family staying with us. Parents can relax, be themselves and do what any parent wants to do – be a parent again without having to worry about round the clock care. Brothers and sisters, who might be feeling isolated, scared or confused, have a chance to play together, share some special times and have a little fun, too.
But we still need to do more
We run three hospices: Little Bridge House in North Devon, Little Harbour in Cornwall and Charlton Farm in North Somerset. This means that no family needs to travel more than 90 minutes by car to reach the loving care and support that our hospices provide to them, free of charge. Of course, there will always be more work to be done, more ways that we can improve our services and more families who need us.
How you can help
The annual cost to run our three hospices is in excess of £9.8 million and this is likely to increase significantly over time. Most of this will be provided by the generosity of our supporters. As you can imagine, legacies are vital to us because they enable us to make plans for the years ahead. So, by remembering us in your Will you will be part of our future. You’ll enable us to make plans to improve our current services, develop new ones and find more ways to make the most of short and precious lives.
Who knows what our future holds?
That’s why it is so important to make a Will. It is the only way you can guarantee that your family, friends and favourite causes get what you want from your Estate. If you die without making a Will then you have no control over where your Estate goes after your death. Your very special gifts to relatives and charities, like Children’s Hospice South West, may be lost if you die without making a Will.
Keeping your Will up to date
As life goes on, changes happen. You may get married or divorced, have children or grandchildren, receive a windfall or decide to leave some money to an organisation that has influenced your life in some way. It is important to keep your Will updated to reflect these changes. This can easily be done by adding a Codicil to your existing Will or by rewriting it altogether.
Planning in advance to save your tax liability
Any gift you decide to leave us, of whatever size, will help to safeguard our continuing support for children with life-limiting illnesses and their families in the South West. It may also help to reduce the inheritance tax liability on your Estate.
If your Estate is worth more than £325,000* it will be liable to inheritance tax at 40%. This must be paid before any of your beneficiaries receive their share. However, you can reduce or avoid this tax if you leave your Estate, or part of it, to an exempt beneficiary. Any gift to a charity is usually exempt from inheritance tax and is deducted from your Estate before inheritance tax. So, a charitable gift could bring the value of your Estate to below the threshold for inheritance tax with very little effect on its value for other beneficiaries.
In addition to this, the independent campaign, Legacy10, means that any Estate which leaves at least 10% of its taxable wealth to charity will be able to take advantage of a reduced rate of inheritance tax, from 40% down to 36%. If you would like further information or advice about inheritance tax planning, speak with your tax consultant or financial advisor.
* Threshold correct at the time of writing.
Request further information
If you would like further information about our free Will writing service or to ask a question about anything related to Wills, from leaving us a gift in your Will to administering an Estate, please complete our Wills enquiry form and we'll be happy to answer any questions you may have, without obligation and in complete confidence.
Whatever its size, your legacy makes a big difference to short and precious lives.