We know that your first priority when making a will is to provide for your loved ones, but many people find that even after they’ve done this they can leave something to a cause they hold dear.
Leaving Mission Direct a gift in your will is one of the most valuable and lasting ways you can support us. It costs nothing during your lifetime but will have a powerful impact for years to come.
There are a number of different ways you can remember Mission Direct in your will, depending on your circumstances. It doesn’t have to be a large amount, because every penny makes a difference.
A good way to help is to leave a percentage of what is left of your estate or assets. This is known as a ‘residuary bequest’. If you have already made a will, but want to add a residuary gift to Mission Direct, your solicitor can advise you on how you can do this without affecting the specific gifts you leave your family and friends. Also, inflation will not erode the value of residuary gifts over the years.
You may wish to leave us a stated sum of money. This kind of gift is known as a pecuniary bequest. Alternatively, if you are concerned that inflation may erode your gift over the years, then it is also possible to leave an index linked pecuniary gift in your will.
You may wish to leave us a particular item (known as a specific bequest), which can be sold to support our work. It could be property or an item of value such as an antique or a piece of jewellery.
Your solicitor or other professional adviser will help you with the wording of your gift, but look in our Frequently Asked Questions for some examples of wording you might consider.
All of us need to make a will to provide for loved ones after we have gone, and to make sure our wishes are carried out after our deaths.
Otherwise promises you have made may not be carried out or your wishes may be disregarded. You may leave your loved ones with a legal and financial mess to sort out.
There are many reasons why you may need to look at your will every few years to ensure it still meets your needs. For example, your marital and family circumstances may have changed – in which case it could be vital to change your will to protect your loved ones. You may also simply change your mind about whom you want to benefit.
Fortunately it is not difficult or expensive to change your will with a codicil
The first step is to talk to a solicitor who can help you draw up a will or change your existing will. One simple way of changing your will is to use a codicil – an additional instruction that you can add to your existing will. Once completed, the codicil must be kept in a safe place together with your will.
Anything you leave over the inheritance tax threshold is taxed at 40 per cent. But anything you leave to a registered charity like Mission Direct is not taxable. This means that your loved ones could have their tax bill reduced by up to 40 per cent of the amount you give.
Your solicitor or other professional adviser will help you with the wording of your gift, but here is an example of some wording you might use:
For a residuary gift:
I leave X % of my residuary estate for Mission Direct of 27 Bury Mead Road, Hitchin, SG5 1RT, registered charity number 1107824 (England and Wales), absolutely for its general charitable purposes and I declare that the receipt of the treasurer or other proper officer for the time being shall be a sufficient discharge to my executors.
For a pecuniary gift:
I give free of inheritance tax £X to Mission Direct of 27 Bury Mead Road, Hitchin, SG5 1RT, registered charity number 1107824 (England and Wales), for its general charitable purposes and I declare that the receipt of the treasurer or other proper officer for the time being shall be a sufficient discharge to my executors.
Mission Direct is unable to act as an executor in your will.
Are you put off by some of the daunting legal terms involved in the will making process? We have put together some of the most common terms used and a simple explanation of what they mean:
Administrator
Someone who is appointed by law to settle your affairs if you die without a will.
Beneficiary
Anyone who receives from a will.
Bequest
A gift left in a will - see legacy below
Crown or treasury
The government. Where your money and property go if you have not made a will and have no next of kin.
Estate
The total value of everything you own at your death, less any outstanding commitments
Executors
The people you choose to ensure the instructions in your will are carried out. They can be a solicitor, a friend or a family member.
Inheritance tax
A 40% tax payable on estates worth over £325,000. Money left to your spouse or a charity is not taxed. If your spouse pre-deceased you and did not use up their full inheritance allowance, this will be added to your own at the rate prevailing at your death.
Legacy 10 came into force on 6th april 2012. For people who die after this date and leave 10% of their estate to charity there is a corresponding reduction in the overall rate of inheritance tax payable on the rest of the estate from 40% to 36%. It is also possible to achieve this saving by way of a deed of variation after someone has died too by inserting the legacy to charity into their will after death.
Intestacy
The name for the situation which arises when someone dies without making a will.
Legacy
A gift left in a will. (Otherwise called a bequest) it can be...
Specific: a gift of a definite object or property.
Pecuniary: a gift of a specific sum of money.
Residuary: a gift of all, or a percentage of, your estate left after all other legacies and expenses have been paid
Reversionary: a gift to someone for their lifetime which after their death goes to someone else
Probate (in Scotland confirmation)
The legal process to establish whether your will is valid and the legacies can be distributed as specified.
Testator/Testatrix
You, the person making the will.
Trust
An arrangement you can make in your will to administer part of your assets after your death.
