‘A generous man will himself be blessed’ - Proverbs 22:9
At some point we are all touched by the certainty of death, whether that is the death of a partner, a friend or relative, or ultimately our own. The work of Dove Cottage Hospice relies on the generosity of men and women who believe their giving can make a difference, if not in life then in death, to those who are suffering now.
Why leave a legacy to Dove Cottage Day Hospice?
Leaving a legacy is an easy way of making sure our work continues beyond your lifetime and can take many forms. Whether you leave a share of your estate, a specific sum of money or an item of personal property, it all helps to provide the support and help that our guests need. They may not know who their beneficiary is but you will be blessed in knowing that you did not fail them, and those who are still to come, in their hour of need. In the 2011 Budget it was also announced that the Government will introduce a lower rate of inheritance tax where people leave a charitable legacy of 10% or more of their estate when they die. This change is expected to come into force on or after 6 April 2012.
Making a Will
For the sake of your dependents and to ensure that your wishes are met regarding your estate, it is important for everyone to make a Will. It is easy to incorporate a legacy in this process. Leaving a legacy to Dove Cottage Day Hospice just means adding a short paragraph or clause to your will. We would always suggest you use a qualified solicitor to do this for you.
If however, you have already made a will and now wish to consider leaving a legacy, then it is possible to add a codicil, which is a new clause to your original will. Our codicil form is a simple way to make small changes to an existing will. We would always recommend using a qualified solicitor when using this form.
Types of Legacy
There are several types of legacy and any solicitor will advise you what type of legacy would be suitable for your circumstances. You do not have to be rich to make an affordable gift and it can reduce any inheritance tax liability for your family.
- A residual legacy, in which the rest of your estate, after debts and expenses have been paid, is left either in entirety or shared among named beneficiaries.
- A specific cash sum, often linked to inflation.
- An item of property, such as a house or shares or a piece of jewellery.
Updating a Will
Wills need to take account of any changes in personal circumstances as an out of date will can have unintended results, or even be unenforceable.
Updating your Will in the light of new circumstances is also an opportunity to consider adding a charitable legacy.
If you would like more information regarding any of these options, or further information on Dove Cottage Day Hospice, please contact us on 01949 860303, use the contact form or email gro.egattocevodnull@eciffo.