Is it easy to leave a gift in my Will? Whether you have a Will already, or you’re planning to write your first Will, it really is very easy. It may be best to visit a solicitor, to make sure your wishes for your family and any charities can’t be misunderstood later on. You can simply write a charity into your will, bequeathing us with your preferred legacy. If your will is already written, you amend it by adding a codicil to it. A codicil is a document that allows you to make minor changes to your will, such as making a gift to a charity. There is no limit to how many codicils you add, but a codicil is only suitable for straightforward alterations. The codicil form needs to be signed and witnessed in the same way as your will. The form must then be kept in a safe place with your will. How do I leave a gift to Scouting in my Will? There are many different people who can give you advice on writing your Will, many people discuss their Will with their solicitor. Before you meet with the solicitor for Will making advice, it is a good idea to think about: What are the main things you own? – like a house, shares, endowments, savings or life insurance policies – and roughly what they are worth. Who your executor(s) will be. What kind of gifts you want to leave the people and charities you care about – pecuniary (money) or residuary (whatever is left over) legacies. What do the Executors of my Will do? The executors of your Will are the people who administer it when you are no longer here. They tell the beneficiaries about their gifts, and settle any debts you owe. They also deal with HMRC in the UK. What type of Gift can I leave? Types of legacy you can leave What does it mean? Pecuniary legacy You would leave The Scout Association a set amount of money, such as £10,000. Specific legacy You would bequeath a specific item in your possession. Specific devise To leave real estate in your will, specifying any/all properties you would like to leave to The Scout Association. Residuary legacy This legacy would be what is left of your finances after payment of any debts, funerary costs, testament expenses and prior legacies. You can leave a certain percentage of your remaining finances, no matter how much is left in your estate, “such as 25% of the remainder of my estate”. Reversionary legacy By making a reversionary legacy you would pass your estate, or specific assets of your estate to named individuals who will benefit throughout their lifetime. Following their deaths, all or some, of the estate is passed to the beneficiaries as specified. For example, a property can be left to a spouse in their lifetime, and passed to The Scout Association following the spouse’s death. Does leaving a gift to a charity benefit my family and friends? Inheritance tax must be paid on all estates valued over £325,000. By leaving a gift of 10% or more of your estate to charity in your Will, you can reduce the rate of inheritance tax that will be paid to HMRC from 40% to 36%. Your solicitor can explain this in further detail for you. If you would like to leave a life-changing legacy and make your mark on Scouting, please contact us and we will provide you with the necessary information Call us on 0208 7433 7212 or email [email protected].