Leaving a gift in your Will Q&As
What kind of gift should I leave?
A share of your estate (a residuary legacy) – share of the remainder of an estate after all other payments and gifts have been made. This is probably the best and most worthhwhile way you can help ACT, as this gift may maintain its value or increase over time.
A specific sum of money (a pecuniary legacy). This gift may gradually decrease in value over time because the cost of living is always rising.
A specific item could be an item of value such as jewellery, an antique, paintings or even property.
How and why should I make a will?
Without a Will, your estate will be divided according to the law, which may not be in accordance with your wishes. It is therefore of great importance that you make a Will and equally important that it should be drawn up with the help of a solicitor.
If you need help choosing a solicitor the Law Society provides an impartial referral service at www.lawsociety.org.uk or call 0870 606 2555.
Are gifts to ACT subject to inheritance tax?
No. Gifts are deducted from your estate before inheritance tax is applied. The inheritance tax threshold is set by the Chancellor and may vary annually.
Can I amend my existing will?
Yes, you can amend it at any time by completing a Codicil, a document on which changes or additions are made to an existing will and must be read in conjunction with it.