Leaving A Gift In Your Will FAQs
Do I need a solicitor to write my Will?
A solicitor will make sure that your Will is valid and that your wishes will be met as you intend. You can also choose to use an online Will provider or a Will writer.
What if I change my mind about my Will?
You can change the content of your Will at any time. You do not have to tell us that you have left a gift to Sight Research UK, and you can take us out of your Will at any point, if you change your mind.
Aren’t there different types of Will? Do you have any sample wording?
If you choose to leave a gift in your Will to Sight Research UK, all you need to do is give your solicitor or Will writer our Registered Charity number: 1156134.
There are several types of Wills and several types of gifts that you can leave in your Will. The most commonly chosen are:
- A percentage of your estate – this is typically a portion of what is left after you have remembered family and friends.
- A specific sum of money.
- A specific item, such as an antique, painting, property or shares that we would sell.
Sample wordings can be found here, but please note that these suggestions do not constitute legal advice. Please seek the advice of your solicitor or other professional adviser before including any sample wording in your Will, and ensure any Will or Codicil entered into is properly executed.
What about Inheritance Tax?
Under current rules, Inheritance Tax at 40% is due on estates where the net value exceeds £325,000. Note that spouses do not have to pay Inheritance Tax. Other exemptions also apply. For full information on Inheritance Tax, please see here.
Gifts to charity are exempt from Inheritance Tax, and the value of any charitable gift in your Will will also be deducted from the value of your net estate before Inheritance Tax is calculated. This may decrease the amount of tax that is payable on your estate.
In addition, if you leave 10% or more of your net estate to charity, the percentage of Inheritance Tax that may still be payable on your estate will decrease from 40% to 36%.
Please do bear in mind that Inheritance Tax rules can change, so it it’s always best to discuss with your solicitor the type of gift you might like to leave.
Some useful resources: