Making a donation to TASC in your will is such a caring way to give back to the ambulance community who are there for you and your loved ones every single day. While it’s a relatively straightforward process, there are quite a few myths surrounding donating through your Will, also known as legacy giving. Here are the five we hear the most often and the truth behind them:
1. You need to be wealthy to make a difference.
Any donation we receive makes a difference to the people we support and we’re thankful for anything you can give. As an example, the average amount given to charities each month is £45, a £45 donation to TASC would:
- help four people receive online advice and support for anxiety, stress, or other wellbeing topics OR
- give an hour of physiotherapy to someone after they were injured in the line of duty OR
- provide 55 mins of mental health support for someone struggling with trauma or PTSD
Small amounts can have a big impact.
2. Gifts get taxed
Currently, there’s a 40% inheritance tax (IHT) that applies to the proportion of your estate valued above £325,000, or £650,000 for married couples.
However, leaving money to charity in your will isn’t taxed and doesn’t count towards the taxable value of your estate. What’s more is if you leave 10% or more of the value of your total estate to charity, the tax on the rest of your estate will go down from 40% to 36%. This means you could support the charity of your choice while helping your loved ones by reducing the amount of tax they would have to pay.
If your estate was worth £400,000 at the time of your death, and you chose to leave all of this to a loved one, the IHT due would be £30,000 (40% of the amount over your £325,000 threshold).
|Your total estate||IHT threshold||Amount over threshold||IHT tax rate||Total taxed||Total amount given to loved one|
|£400,000||£325,000||£75,000||40%||£30,000 (40% of £75,000)||£370,000 (total estate minus tax)|
However, if you leave £40,000 (or 10% of your total estate) to TASC and the remainder to same loved one, the IHT due falls to 36% of the £35,000 over the threshold. This cuts the IHT bill to £12,600 and in the process, you’ll be leaving a legacy by supporting a cause that makes a real different to people’s lives.
|Your total estate||Amount donated to TASC||Amount taxable under IHT||IHT threshold||Amount over threshold||IHT tax rate||Total taxed||Total amount given to loved one|
|£400,000||£40,000 (10% of total estate)||£360,000||£325,000||£35,000||36%||£12,600 (36% of £35,000)||£347,400 (total estate minus donation and tax)|
3. I can only leave a gift to one charity
If you have several causes that are close to your heart, you can leave a gift in your will to as many as you like. You can also specify what you would like to leave, for example a portion of your total estate, an amount of money or even a specific item such as jewellery or a painting.
4. Once I’ve made a Will I can’t change it
You can update your Will at any time. Any changes to your Will are called a codicil – an official alteration. You may want to update your Will if you get married, separated, have children or grandchildren, or are buying your first home.
5. Making a Will is complicated and long-winded
Thanks to a number of legal services allowing you to make a Will from the comfort of your own home, the process is relatively quick and painless, but preparation is key. Before sitting down to make a Will you need to know a few things:
- The total value of your estate, including properties or land you own, the contents of your home, any valuable belongings like jewellery or paintings and the value of any investments, pensions, or savings
- Details of any debts you currently have, such as a mortgage or credit card debt
- If you have children under 18 years old, who would you like to care for them?
- Who would you like to be the executor of your will i.e. the person or persons responsible for making sure the terms of your will are met. You can have more than one executor
- What bequests you would like to make and who you would like to leave them to:
- Pecuniary requests are sums of money i.e. £1,000
- Residual bequests is the whole value of the estate or a percentage of it
- Specific bequests are for specific items, such as jewellery or heirlooms
If you would like to leave TASC something in your Will, you will also need our details:
TASC, The Ambulance Staff Charity
12 Ensign Business Centre, Westwood Way, Coventry, CV4 8JA.
Charity number: 1163538 (England and Wales) / SC046384 (Scotland)
Once you’re happy with your Will, you just need to sign it in front of two independent witnesses and ask them to sign it as well.
Free Will writing service
TASC’s corporate partner Wills and Lettings ltd is offering their Will writing service for free in return for a suggested donation of £40 to TASC. To learn more or to take advantage of this offer please call 01885 490 380 or email firstname.lastname@example.org quoting TASC The Ambulance Staff Charity.
For more myth busters around wills and making a legacy gift to charity, visit the Remember a Charity in Your Will Week website.