Gifts in Wills — your questions answered
Including a gift in your Will is a big decision and not one we expect you to make today. Hopefully we can answer most of your questions here. However, if you want to learn more, please call Danny Maher on 020 8208 8591 or email [email protected]
You can also download our Guide To Leaving A Gift In Your Will
Do I need a Will?
We all need a Will. This very important document is the best way to ensure our wishes are carried out in the event of our deaths. In your Will, you can make sure family and friends are looked after. However, you can also include a gift to a much-loved charity like Ashford Place. This is a wonderful way to ensure your commitment and generosity to your local community can live on long into the future.
What about family and friends?
Family and friends always come first and you want to make sure your Will looks after them. Including a gift to Ashford Place doesn’t change that. Many supporters choose to provide for loved ones first, and then leave a small share of what is left to Ashford Place. This is called a ‘residuary gift’. Others set aside a specific cash amount for family, friends and Ashford Place. This is called a ‘pecuniary gift’.
Find out more in our Guide to Leaving a Gift in your Will
I don’t have much money. Can I still include Ashford Place in my Will?
You don’t have to be wealthy to include a charity in your Will. Any gift, large or small, makes a real difference to future generations in our community. Just 1% of what’s left after looking after providing for loved ones can help us plan more confidently for the years to come.
Including Ashford Place in your Will can also reduce inheritance tax for your family. All gifts to charity are tax exempt, and if you choose to donate 10% or more of your estate, you will reduce the inheritance tax rate by 10%. If you think your estate is over the inheritance tax threshold we recommend you speak to a solicitor about ways to reduce your tax.
How will Ashford Place spend my money?
A gift in your Will to Ashford Place won’t cost you a penny today. However, knowing you plan to leave us a gift helps us to prepare for the future. Your gift will help us continue to support the most vulnerable people in our local community — including supporting people out of homelessness, caring for families coping with dementia, and helping individuals with mental health problems to re-integrate into society.
How do I get a Will?
We recommend you write a Will with a professional solicitor or qualified Will writer to ensure that your wishes will be carried out. This will help you avoid any potential problems for family or friends in the future. The Law Society website has a useful tool to find a local solicitor near you.
You can also make a Will over the internet or telephone with the Co-op Legal Services.
I already have a Will. Can I still include a gift to Ashford Place?
Yes. A solicitor can update your Will using a Codicil, which is a legal way of updating an existing Will. However, it is often easier and even cheaper to have a solicitor redraft your Will rather than try to update it through a Codicil. The cost of Wills are less than you might think – most high street solicitors charge between £100-200 and there are cost effective ways of updating a Will over the telephone or even over the internet. Click HERE for co-op Legal Services.
Can you help me with wording for a gift in my Will?
Yes. Our Guide to Leaving a Gift in your Will includes suggested wording for gifts, and explains more about the different kinds of gift you can leave.
