Will Power: Leaving a gift in your will FAQS
Here are answers to some commonly asked questions about making a will and leaving a gift to Tibet Relief Fund. If you have any other questions that are not answered here, or would simply like to speak with someone in confidence, please don’t hesitate to call our Fundraising Manager, Caroline Petersen, on 020 3119 0041 or email her at [email protected].
Since 1959 many Tibetans have lived under the oppression of the Chinese occupation in Tibet, or have had to flee to India and Nepal and settle in exile. Tibet Relief Fund works with Tibetans, empowering them to lead a fulfilled life. By leaving Tibet Relief Fund a gift in your will, you will help us to educate the young, support entrepreneurs, care for the elderly, rebuild lives and homes, and provide healthcare for all.
Having an up-to-date will brings you peace of mind. You are ensuring your loved ones are provided for and the causes you care about most will be supported after you are gone. If you die without a will (known in the legal world as intestate), UK law will specify who inherits your possessions and estate, meaning they will not necessarily be distributed in the way you would have wished.
The sooner the better as it is the only way to make sure your wishes are carried out after you are gone and your loved ones provided for in the way you want. Making a will helps your loved ones at a difficult time, as they will know how you wanted your estate to be distributed.
You are free to change your mind at any time – telling us you plan to leave a gift does not commit you to doing so. However, if you do change your mind, it’s really helpful if you can let us know.
If you have a large estate (over £1,000,000), property overseas or a complex family situation, we would always recommend that you use a solicitor. You may also feel more comfortable speaking to a solicitor in person. If you don’t already have a solicitor, you can find a list of solicitors near you here.
However, for most people, an online will writing service like Make a Will Online provides all you need to make a will. Your will is checked by a fully qualified solicitor at every stage, and you can always call the helpline with any queries. If there are any points of concern, the solicitor will contact you with suggested amendments or clarifications.
The cost of writing a will varies depending on how complicated it is. You can ask several solicitors what they charge before making your decision. However, a simple will normally costs around £200.
There are three types of gift you can leave in your will:
· A share of your estate (residuary legacy) – This is a percentage of your estate after all other gifts and expenses have been paid. This option is a really valuable way to help us as they usually maintain their value and can also increase over time. This also means you’re less likely to need to amend your will in the future.
· A specific sum (pecuniary legacy) – This is a gift of a set amount of money
· A specific item – This could be something valuable such as an antique, painting, property or shares that we would sell.
By leaving Tibet Relief Fund a gift in your will, you will help us to educate the young, support entrepreneurs, care for the elderly, rebuild lives and homes, and provide healthcare for all. If you would like your gift to support a particular project, we’re very happy for you to do this. If that project has been completed or is no longer being supported by Tibet Relief Fund at the time of your death, we would use any gift for any similar work we are supporting.
If you do already have a will and want to leave a gift to us, contact your solicitor and let them know your intentions. You can work with them either to
(a) make a new will or
(b) a shorter and less expensive “codicil” (amendment).
Please ensure that your solicitor uses our full name: The Tibet Relief Fund of the United Kingdom, our charity number: 1061834, and our registered address: 2 Baltic Place, London, N1 5AQ.
Did you know that people who leave more than 10% of their estate to charity receive inheritance tax benefits?
If your estate is liable for inheritance tax (see here), we suggest you speak to your solicitor to discuss making a will and leaving a gift to us.