We know that your family and friends come first, and we are grateful to all gifts that are left to us. No matter the amount – your gift will help us make a world of difference.
Many people are surprised to learn that gifts of just 1% can still have lasting impact. Meaning the remaining 99% goes to your loved ones.
Gifts such as this are called a residuary gift in a will is the remaining portion of your estate, or a percentage of it, after all debts, taxes and specific gifts have been paid. It’s a flexible way to distribute the remainder of your assets to beneficiaries, and its value can increase or decrease with the value of your overall estate.
- It’s important that you seek independent legal and financial advice when writing or amending your will to ensure your wishes are legally binding. We have a number of financial advisors as members of the 88 Club who may be able to assist you.
- You can remember as many charities as you like in your Will.
- Use specific wording: Provide your solicitor with clear instructions, including the charity’s full legal name and registered details.
St Cuthbert’s Hospice, Durham is registered by the Charity Commission as a Charitable Incorporated Organisation. Registered Office: St Cuthbert’s Hospice, Park House Road, Durham, DH1 3QF. Registered Charity Number: 519767 VAT Number: 997305770
How leaving a gift to St Cuthbert’s Hospice can reduce Inheritance Tax
If the value of your estate is above £325,000, Inheritance Tax may need to be paid when you die. If you fall into this category, you can reduce the rate of inheritance tax by leaving 10% or more of your taxable estate to charity. The rate then drops from 40% to 36%.
Other types of gift in a will
There are 3 main ways to leave a gift in your Will:
1. A share of your estate, for example 1%. This is called a Residuary gift.
2. A specific amount of money, for example £1,000. This is called a Cash gift.
3. A nominated object, for example, an antique, a piece of jewellery or a house. Usually we will sell items like these in order to raise much needed funds. This is called a Specific gift.
Leave a lasting legacy
Gifts of any size really do make such a difference. It’s a special way of continuing to support a charity close to your heart even after you have gone.
Write your Will for Free
We are working with a selection of trusted local solicitors who have kindly agreed to provide a free basic single or mirror Will for our supporters.
Legally Sound Podcast
Kay Carrick, Development Team Manager at St Cuthbert’s Hospice, who oversees fundraising and legacy giving, was invited to be a guest on the ‘Legally Sound Podcast’ to chat about the impact of charitible giving in Wills.
Listen here 