31st July 2020 - 30th September 2020, 12:00
Leaving a gift in your will
Look after the future of your loved ones… and leave a gift to York Mind. Small or large, every gift we receive in a Will makes a vital contribution to our work.
How to make a Will
Writing a Will is the only way to ensure that what you leave behind is distributed according to your wishes. However only around 50% of people aged over 40 have a Will.
We know that caring for your family and friends is a priority; however after making provision for them, if you would consider leaving a gift to York Mind it would be greatly appreciated. You can either leave a specific amount of money, which is known as a Pecuniary Bequest or a share of what’s left over after all your wishes have been carried out, which is a Residuary Bequest. Rather than leaving a precise sum of money, many choose to leave a percentage or the residue of their estate as it means that its value will not be affected by inflation.
Leaving a gift in your Will to York Mind couldn’t be simpler. If you haven’t yet made a Will it can be done when you see a Solicitor. If you already have a Will your Solicitor can simply add an addition to it. Search for a local Solicitor
If you choose to leave a gift to York Mind please use the following wording:
“I bequeath to York Mind, Registered Charity Number: 1006759, Highcliffe House, Highcliffe Court, York YO30 6BP for its general charitable purposes…
Then insert one of the options below:
- All the residue of my estate
- One X share of the residue of my estate
- X% of my estate
- The sum of £X
- All my personal effects, e.g. rings, necklaces
An alternative way to leave a gift to York Mind is through CAF (Charities Aid Foundation). Simply state in your Will the gift that you would like to leave to CAF and then provide CAF with a letter to say which charity you would like your gift to go to, they will ensure its delivery. There are no legal fees, no need for Solicitors and you can make changes for free.
For further information on leaving a donation through CAF call: 0300 012 3504
How your gift will help York Mind
What we do
To see the services your gift in your Will can help to continue, click here
The tax advantages from writing a Will
Current legislation states that your beneficiaries will not have to pay any inheritance TAX if your estate is less than £325,000. Anything over £325,000 is liable to 40% inheritance Tax. Gifts to charities are generally exempt from Inheritance tax. If you leave a charitable gift it
will be deducted from your estate before inheritance Tax liability is calculated.
Your beneficiaries will not be liable to pay inheritance Tax if you leave your assets to your spouse of civil partner as they are exempt. Once your spouse or civil partner dies, there is no exemption and the whole estate will be liable for inheritance tax.
Since 6th April 2012, if you leave 10% or more of your estate to a charity, you’ll be taxed at a lower rate (36%) rather than 40%) on any part of your estate that qualifies for inheritance tax.
If you would like any further information about leaving a gift in your Will to York Mind please contact us: firstname.lastname@example.org / 01904 404940
Glossary of terms
- Beneficiary – A person who benefits from a gift in your Will
- Bequest/Legacy – A gift in your Will
- Codicil – A ‘supplement’ making a change or addition to your existing Will
- Estate – Total sum of all your possessions, property and money
- Executor/Executrix – A person you ask to make sure the wishes expressed in your Will are carried out. Executors can also be beneficiaries.
- Inheritance Tax – The Tax levied on your estate if it is more than the amount specified by HM Revenue and Customs. A gift to charity is exempt from Inheritance Tax.
- Pecuniary Legacy – A gift of a specified Sum of money
- Residuary Legacy – A gift of what is left of your estate (or part of) after all debts,taxes, costs and other bequests. It can be a percentage, fraction or part of an estate.
- Reversionary Legacy – a gift of a Will that reverts to another beneficiary (such as a wife, husband or child) when the original beneficiary dies.
- Specific Legacy – A gift of a particular item in you Will e.g. a painting, antique,jewellery, etc.
- Witness – A person present at the signing/authorising of your Will. A witness cannot be a beneficiary.