How to leave a gift to Samaritans in your Will
There are a number of ways in which you can remember Samaritans
in your Will, and perhaps one will suit your circumstances more
than another.
Codicil
A codicil is
simply an amendment to an existing Will. If you already have
a Will and would like to include a gift to Samaritans in it, you
should contact your solicitor to discuss making a codicil of for
advice on the best way to make any changes.
Download a codicil
form here
Residuary
This is
the gift of the whole or a percentage of your residuary estate
after all deductions (liabilities, funderal costs, inheritance tax,
any other legacies) have been made. This is often of greatest
benefit to charities, as the gift increases inline with the total
value of the estate.
Pecuniary
This is
a fixed sum of money, but it is worth remembering that a pecuniary
legacy may need to be reviewed occasionally as its value can change
over time.
Specific
This is
when you leave a particular item, such as stocks and shares or
jewellery.
Reversionary
This
is when you predecease loved ones that you want to look after, and
once they have also died, your gift to Samaritans is
distributed.
Inheritance Tax (IHT)
Gifts made to charties in Wills are exempt from Inheritence Tax
(IHT) and the value of the gift(s) will be deducted from the total
value of your estate before IHT is applied. This means that
by leaving a gift in your Will to Samaritans, you may well reduce
or remove the need for your loved ones to pay duty on your estate
after your death.
The current threshold for paying IHT is £325,000. Any
estate worth over this amount will be subject to IHT at a rate of
40%.
IHT is complex, and married couples and civil partners have a
higher threshold, so it is worth asking your solicitor to advise
you on your position.
For more detailed information, check out HMRC's web pages on the
subject:
www.hmrc.gov.uk/inheritancetax
More information:
How you can make or amend your
Will
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Contact information to find out
more