Gifts in wills
Alzheimer Scotland cares passionately about the future for people with dementia and their carers. As an organization we have made a difference to the public perception of people with dementia and the need for support and many people have benefited from our caring and supporter services. We all have an interest in ensuring Alzheimer Scotland can continue to be able to play that role in the future and meet the new challenges ahead.
Gifts in wills or legacies are hugely important to us in maintaining and developing our work and are the most special and personal way in which you can make your concern for people with dementia and their carers in Scotland live on for many years to come.
Inheritance Tax
All gifts in wills to Alzheimer Scotland are free of inheritance tax. Inheritance Tax is the tax that is paid on your estate when you die, as well as on some assets that you may have given away during your lifetime. Under current legislation, if the estate you leave behind is less than the inheritance tax threshold your beneficiaries will not have to pay Inheritance Tax of 40%. However, if your estate is worth more than this, they will have to pay Inheritance Tax on anything beyond the threshold. Further details are on the HM Revenue & Customs website: www.hmrc.gov.uk/rates/inheritance.htm.
Include us in your will
It is easy to include us in your will. All you need to do is to give the full charity name: Alzheimer Scotland – Action on Dementia and our address: 22 Drumsheugh Gardens, Edinburgh, EH3 7RN.
If you want to leave a legacy but would like to talk to someone as to how this should be done, or if you would like the legacy spent in a particular area in Scotland or for a particular purpose, please phone Rachel Guy, Fundraising & Public Relations Director, 0131 243 1453 or e-mail: rguy@alzscot.org or write to me at:
Alzheimer Scotland
22 Drumsheugh Gardens
Edinburgh
EH3 7RN
If you have already made your will and would now like to include a gift to Alzheimer Scotland you will need to add a codicil or prepare a new will.
Kinds of gifts in wills
Residuary legacies
A residuary gift in a will is a proportion of the money left after you have taken care of family and friends. Giving a residuary gift to a charity means that you can decide how much you want to give to others first and then decide on how the remainder can be split up.
Alzheimer Scotland sometimes benefits from 100% of the residuary of an estate or may receive 25% or less, depending on how many other charities the legator wishes to be supported.
If a very large number of different charities are supported the administration costs of the estate by the executor – usually a solicitor, may be significant, so it is best to choose a few good causes to support.
Pecuniary legacies
A pecuniary gift in a will is a specific sum of money donated to a charity. It can be of any size – gifts of all sizes are very much appreciated by Alzheimer Scotland.
Gifts in kind
A gift in kind means that you give a particular item – usually something valuable such as a piece of furniture or jewellery, or your house.
The charity is then able to decide whether to keep and use the item or to sell it and use the proceeds to benefit the cause.
Words used in will writing and their meanings
Asset: Something that you ownBeneficiary: Someone who receives a gift or other benefit in a will
Codicil: An amendment to a will
Confirmation: The legal procedure that establishes that a will and codicil are valid. This procedure has to occur before the executor can carry out the terms of the will. This is the equivalent to the English term probate.
Estate: The monetary value of everything you own at your death
Executor: The person responsible for carrying out the terms of your will, usually a solicitor
Inheritance tax: Tax that your family may have to pay after your death. Details of the current tax threshold are on the HM Revenue & Customs website: www.hmrc.gov.uk/rates/inheritance.htm
Legacy: A specific item or amount of money left to an individual or organisation such as a charity
Legator: A person who makes a will and leaves legacies or gifts in their will
Pecuniary: A specific sum of money left to a charity
Probate: The English term for confirmation (see above)
Residue or residuary: Remainder of an estate once all expenses have been paid and specific gifts in your will have been made
Will: A legal document that lists what you want to happen to your assets after your death. It must be signed, dated and witnessed by one person.
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