Legacies

Thank you for thinking about leaving a gift to UHNM Charity in your Will. By including UHNM Charity in your Will you are ensuring that patients using the services at the hospitals have the very best care and experience possible. You can choose which area you want your gift to go but if you’re undecided please call the charity manager to discuss your plans on 01782 676444.

What are the benefits?

Legacies are not only an important source of income for us but are also a tax-efficient way of giving. Inheritance Tax is not paid on gifts of money or property left to a registered charity. Any Inheritance Tax which is payable on the remainder of your estate is calculated after the value of the gift has been deducted.

Basic steps to making a Will

  1. At the time of your death the total value of your money, property and possessions is called your estate. It is best to write a list of all your assets to estimate the value of your estate before you visit a solicitor. An approximate value is sufficient.
  2. People who will benefit from your Will are called beneficiaries. Write a list of all the people (giving full names and addresses) who you would like to benefit in some way from your Will.
  3. It is extremely important to have your Will made properly and for that reason we would strongly advise you to use a solicitor or bank to draw up your Will. You can then be sure that everything is carried out exactly how you would want it, using the proper legal language and leaving no room for doubt as to your exact wishes.
  4. The executors to your Will are responsible for making sure that your wishes are respected. You will need at least one person, and up to a maximum of four, to act as executor(s). Anyone can act in this capacity, whether they are named as a beneficiary in the Will or not. Check that the people you choose are willing to act as executors before you appoint them. If you choose a solicitor or bank manager to act in this capacity do remember that they may charge you a fee.
  5. If your Will is to be legally binding it must be signed in the presence of two witnesses and they must, in turn, sign the Will themselves. Neither they nor their spouses can be beneficiaries.
  6. It is important that you keep your Will safe. You can do this by entrusting the Will to your solicitor or bank manager. Keep a copy of your Will so that you can refer to it and make sure it is up to date. It is also a good idea to make sure your executors know where your Will is stored.

 

Types of legacy

A legacy is simply a gift made through a Will. The Will can be worded to suit your wishes and there are different ways of giving:

  • the residue - when you have provided for your family and friends you may wish to leave what is left, which is called the residue, to the University Hospitals of North Midlands.
  • a percentage - many choose to share their estate between a number of people and organisations. Stating a fraction or percentage for each one will allow for inflation or any changes in your estate
  • a specific sum - you may wish to consider stating a specific sum of money. Inflation can, of course, reduce the real value of this type of gift so it is worthwhile reviewing it from time to time.

Making a legacy

While it is possible to draft a Will yourself it is recommended that you seek the help and advice of your solicitor.

The following clauses may be helpful when making a legacy to the University Hospitals of North Midlands:

  • For a residuary bequest (or percentage) - "I give (%) of the residue of my estate to the University Hospitals of North Midlands Charity (registered charity number 1054889) for its charitable purposes and I declare that the receipt of the Director of Finance or other authorised officer will be sufficient discharge to my executor(s)."
  • For a specific amount -"I give (state amount) to the University Hospitals of North Midlands Charity (registered charity number 1054889) for its charitable purposes and I declare that the receipt of the Director of Finance or other authorised officer will be sufficient discharge to my executor(s)."

Should you wish to include a specific ward or department or type of research please advise your solicitor.