What Type of Gift Can I Leave in My Will to St Richard’s?
There are several kinds of gifts you can leave in your Will. Each gift is special to us and ensures that we’re able to provide the very best care and support to those in need, today and into the future.
A specific gift:
This type of gift is usually something like property or a specific item, such as an antique or piece of jewellery.
A gift in trust or ‘life interest’:
If you like, you can leave a gift for use over a specific period of time. After that time has passed, the gift could then be passed on to other recipients, such as a charity.
A cash gift or ‘pecuniary gift’:
This is when you leave a beneficiary an exact sum of money.
A share of your estate:
After you’ve provided for your loved ones and taxes have been paid, you could leave a share, or the remainder of your estate to St Richard’s. This means that your estate is passed on to those you care about as well as supporting hospice care into the future.
What About Inheritance Tax?
Your beneficiaries will need to pay Inheritance Tax if your estate is over a certain value; in this case, 40% will be taken from the portion of your estate that is over the threshold. Gifts to charities are exempt from Inheritance Tax and the value of your estate is calculated after the value of gifts like these are deducted. For more information, please visit the HMRC website: www.hmrc.gov.uk/inheritancetax. If you need further advice about trusts or inheritance tax please seek advice from a solicitor.