Could your lasting legacy be remembering those in need?
If you were to remember SPEAR in your will it could make a huge difference to our clients such as supplying thermal sleeping bags or paying for an outreach shift so that we don’t miss a rough sleeper. Support could also include paying for essential needs for hostel residents, supporting a client with a new training programme or a new home partnership or helping someone move into permanent accommodation and much more!
Talking about wills can be a difficult conversation to have and we understand that family and friends come first. All we ask is that you consider leaving a gift or donation to SPEAR. Every donation is essential for improving the lives of those currently living homeless and can be influential in improving people’s standard of living.
Here are a few of some common questions regarding wills
Q. Does a Legacy have to be a large amount?
A. It is a common misconception that legacies have to run into the tens of thousands of pounds, however that is far from the case. Just as any other donation can be any size, so can a legacy donation. Anything bequeathed will go a long way to helping those in need.
Q. Will my family resent a gift in my Will?
A. Your Will is your legacy to those most dear to you and of course SPEAR would expect that your family and friends will rightly be your first consideration when writing a Will. Once you have met their needs you may have something left that could help support your community. If you are wanting to bequeath a significant amount, it might be a good idea to discuss it with the other beneficiaries explaining why you wish your legacy to help others.
Q. Will this affect my Inheritance Tax?
A. Inheritance Tax is paid if a person’s estate (combining their property money and possessions) is who more than £325,000 when they die. If your estate is worth more than that, your estate will be liable for 40% inheritance tax on anything above that amount. This is reduced to 36% if 10% or more of your estate is left to charity. Tax planning is a complex issue and we would recommend you seek regulated qualified financial advice if you are seeking to reduce your estate’s tax liability. The above information was accurate when written but for the most up to date tax advice go to: https://www.gov.uk/inheritance-tax
Q. Can I add SPEAR to an existing will?
Solicitors recommend that wills are regularly reviewed and updated especially if there is a change in family circumstances. or every five years, and it could be that this is an opportunity to ensure your Will provides as you currently want. However you can add to your Will with the inclusion of a Codicil. Your solicitor can attach a written amendment to your current Will. Please be aware, to avoid invalidating your will this has to be done by your solicitor.
Q. Will any Legacy make a real difference?
SPEAR have been changing lives of the most vulnerable for nearly 30 years, and tragically we see no end to the need for us to do so. We can only provide the depth of help we do from the voluntary donations given by our supporters. Any amount bequeathed to us will help transform the lives of our clients from homelessness to independence.
If you would like more information we are hosting a seminar at our hostel Penny Wade House run by a local solicitor who will be able to answer all your questions in an informal environment. For more details please click here