Will my gift be exempt from inheritance tax?
As SPANA is a UK registered charity, so any gift you give to us will be exempt from inheritance tax. Charitable gifts are exempt from inheritance tax and they can reduce or even eliminate the overall tax on your estate altogether.
Do I need a solicitor to write my Will?
We recommend you seek advice from a solicitor so that they can make sure that everything is covered by law and what matters to you is protected – a properly drafted Will can help reduce the amount of tax paid by your estate, ensuring it goes to the loved ones and causes that you have chosen to benefit. You can find a local solicitor who specialises in Wills by calling the Law Society on 020 7242 1222 or online at http://solicitors.lawsociety.org.uk/
What kind of gift can I leave?
- A residuary gift is a share of your estate after all other legacies have been made and all costs have been met. Residuary gifts are expressed as a percentage so they remain proportional to the value of your estate. Residuary gifts can reduce the number of times you need to update your Will, as they change accordingly with your financial circumstances.
- A pecuniary gift is a stated sum of money.
- A specific gift is a particular item or items such as jewellery, paintings, shares etc. This is a good way to pass on cherished belongings to loved ones.
How should I word my gift?
It is important that SPANA is correctly identified and that your chosen gift is described in enough detail. We recommend that you take the following suggested wording to your solicitor:
For a residuary legacy (a percentage of your residuary estate)
“I give <insert percentage of your estate>% of my residuary estate to SPANA of PO Box 79509, London, EC4P 4ND, Registered Charity Number 209015 for its general charitable purposes and I declare that the receipt of the proper officer of the charity shall be a full and sufficient discharge.”
For a pecuniary legacy (a set amount)
“I give <insert amount> to SPANA of PO Box 79509, London, EC4P 4ND, Registered Charity Number 209015 for its general charitable purposes and I declare that the receipt of the proper officer of the charity shall be a full and sufficient discharge.”
Can I leave SPANA a gift if I have already written my Will?
If you already have a Will and would like to update it to include a gift to SPANA, you can use a Codicil. You can download a Codicil form here. However, if you wish to make a number of changes to your Will, it is recommended that you consult a solicitor as it may well be that your Will needs to be rewritten.