Guidance for writing your will
ARE THERE DIFFERENT TYPES OF GIFTS THAT I CAN LEAVE IN MY WILL?
Yes, there are three types:
- A Residuary Legacy is a percentage or share of the balance of your estate once all other payments and gifts have been made. A lot of people prefer to give a residuary gift because it keeps in line with inflation and does not lose value over time.
- A Pecuniary Legacy is a fixed amount of money.
- A Specific Legacy can include specific items like personal possessions, land or shares.
ARE THERE ANY TAX BENEFITS IF I LEAVE A CHARITABLE GIFT IN MY WILL?
In the UK, inheritance tax is currently paid to the government at a rate of 40% if your estate is worth more than £325,000. However, the rate might be reduced to 36% if 10% or more of your estate is left to charity.
Most gifts left to Save the Children are exempt from inheritance tax because we are a charity. You can find out more by contacting HMRC or a solicitor.
CAN A GIFT IN MY WILL REALLY MAKE A DIFFERENCE TO SAVE THE CHILDREN?
Every single gift has a huge impact - whether it covers the cost of a single school book or the construction of a new clinic.
A gift in your will could save children's lives.
DO I NEED TO USE A SOLICITOR TO WRITE OR AMEND MY WILL?
We recommend you consult a solicitor to make sure that all the legal formalities are covered and that your will is valid. The cost of the solicitor will vary depending on how complex your will is, for instance if you own overseas property or need to make provisions for a disabled child.
The Law Society can help you to find a solicitor in your area. For more information, call 020 7320 5650 or visit www.lawsociety.org.uk.
You can also choose to write your will in November, which is Will Aid month, using a solicitor who is participating. Instead of paying a fee, you will be asked to make a decision to Will Aid and their nine partner charities.
I'M PRIORITISING MY FAMILY AND FRIENDS, CAN I STILL LEAVE A GIFT TO SAVE THE CHILDREN?
Of course, looking after our loved ones comes first. After making sure that they will be provided for, it is still possible to support vulnerable children around the world with a gift in your will. This way you can take care of family and friends and then leave a percentage of your remaining estate or a fixed amount to Save the Children and our life-changing work.
WHAT INFORMATION DO I NEED TO INCLUDE WHEN LEAVING A GIFT TO SAVE THE CHILDREN?
Please include the following information:
- Charity name: The Save the Children Fund
- Address: 1 St John’s Lane, London, EC1M 4AR
- Registered charity number: England and Wales (213890) and Scotland (SC039570).