Leave a Legacy
- explain how a gift in a Will can help Disabled Motoring UK continue to help people with disabilities in the future
- describe the different ways you can leave a gift in a Will and explain the benefits
- explain how a gift to Disabled Motoring UK could help reduce the level of inheritance tax on your estate
- help you to find a solicitor and provide you with a pack containing helpful information about how to make or update your Will, as well as how to leave a gift to Disabled Motoring UK.
Different ways of giving
There are two main ways of leaving a gift:
Residuary gift: you can choose to leave a proportion, or the whole of what is left in your estate once you have provided for your loved ones.
Pecuniary gift: also known as a specific gift. A donation of a fixed amount.
If you have already made a Will
In most cases you can make a simple addition to your existing Will with a codicil. This supplement overwrites existing instructions without the need to revoke or rewrite the whole document. We have provided a draft codicil to simplify the process. We always recommend that you seek the advice of a solicitor and do not write on, amend or attach any form to your current Will yourself, as your Will could become invalid.
If you have not already made a Will
You may need to see a solicitor. There will be a fee but you will receive sound professional advice and can be sure that your wishes are honoured.
Need more help?
Please use our contact form, or call the office on 01508 489449.
Any gift, large or small, helps us change the lives of disabled people. However, a gift to Disabled Motoring UK could also help reduce the inheritance tax on your estate (what you own when you die). Your estate includes your house, stocks and shares, pensions, insurance policies, annual service benefits, PEPs/ISAs, and savings accounts.
The Chancellor has recently announced changes to inheritance tax law. Your solicitor will be able to provide you with advice specific to your circumstances. Currently the threshold for Inheritance Tax is £325,000 for individuals. Married couples and members of civil partnerships are able to transfer any unused allowance to a spouse or partner so that they can leave up to £650,000 before death duties are due.
Generally speaking gifts to spouses, civil partners and charities in the seven years before death and in a Will are deducted from your estate before inheritance tax is calculated. So if these gifts reduce the value of your estate to below the threshold, it should no longer be liable for any inheritance tax. This means many people can make a significant contribution to Disabled Motoring UK with less of an effect on the value of what they leave to other beneficiaries.
Of course, everyone's financial situation is different, so this only provides a general outline of how inheritance tax might affect you. There are other issues that could affect the level of your inheritance tax, so you should always ask your solicitor about your particular circumstances. Further information is also available from HM Revenue & Customs.