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How do I leave a legacy?

A child in a sling having her blood pressure taken by a nurseLeaving your legacy…

When writing or making changes to a Will, we would recommend that you always use a solicitor or some sort of professional advisor to ensure it is written correctly and meets all your requirements.

When writing your Will, it is a good idea to have already thought about your estate. Your estate is all the assets you own, minus any debts you owe, when you die. Therefore, when going into discussion about your Will, it is good to have an idea about what you own (your assets), what you owe (your liabilities) and who you would like to benefit from your estate.

What about inheritance tax?

Currently, if your estate is worth over £350,000, your loved ones may end up paying inheritance tax at 40%, meaning they may receive less than you intended. By giving a gift to Bedfordshire Hospitals NHS Charity for the excess of your estate above £350,000, you can ensure that your family receives the full amount intended for them without having to pay inheritance tax.

The types of legacy gifts you can leave are:

Pecuniary

A pecuniary gift is a fixed sum of money.

Residuary

A residuary gift is a share, or possibly even the entirety of the balance of your estate, once all other payments have been made – known as the ‘residue’.

Specific

A specific gift is something of value such as property, jewellery, a painting or stocks and shares.

Codicil:

If you have already written your Will and are happy with it, but would like to add Bedfordshire Hospitals NHS Charity to it, this can be done via a codicil. A codicil is a supplement to a Will which allows you to make changes or amendments without having to rewrite it.

If you do decide to support Bedfordshire Hospitals NHS Charity with a gift in your Will, all you have to do is tell your advisor:

  • What kind of gift you would like to leave (pecuniary, residuary, and specific).
  • Our address: Bedfordshire Hospitals NHS Charity Team, Luton & Dunstable Hospital, Lewsey Road, Luton, LU4 0DZ.
  • Our registered charity number is: 1058704

Recommended wording:

A pecuniary gift (a cash gift):

I give the sum of …. [in words] pounds (£ – in figures) to the Bedfordshire Hospitals NHS Charity, Charity Number 1058704 of the Luton & Dunstable Hospital, Lewsey Road, Luton, LU4 0DZ to apply for the benefit of the Trust in such a manner as they in their discretion think fit.

A residuary gift (a percentage gift):

I give ….% of the residue of my estate to the Bedfordshire Hospitals NHS Charity, Charity Number 1058704 of the Luton  & Dunstable Hospital, Lewsey Road, Luton, LU4 0DZ to apply for the benefit of the Trust in such a manner as they in their discretion think fit.

A specific gift (an item):

I give [insert details of item] to the Bedfordshire Hospitals NHS Charity, Charity Number 1058704, of the Luton & Dunstable Hospital, Lewsey Road, Luton, Lu4 0DZ to apply for the benefit of the Trust in such a manner as they in their discretion think fit.

If you wish your gift to benefit a particular area of the hospital:

Please insert the following phrase: …for the benefit of [specific area of the hospital]…

Please use these examples as guidance only as your legal advisor will be able to provide the best advice on the correct wording.

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