Updating your Will

Dorothy Farrer's Spring Wood Nature Reserve in AprilDorothy Farrer's Spring Wood Nature Reserve

General advice is to review your Will at least once every five years.

Updating your Will

If you already have a Will, make sure it is kept up-to-date. If your personal or financial circumstances have changed since the Will was drawn up (for example: a marriage, divorce, new grandchildren, an inheritance), you'll need to get it rewritten. Ask your solicitor for advice.

There are three different types of gift you can leave in your Will:

 

1) Percentage of your estate. Just a very small percentage of your estate will make a big difference to what we can achieve for wildlife. A 1% gift means your loved ones will still benefit from 99% of your estate. The advantage of this kind of gift is that it will increase with inflation over time, while a cash gift will not.

 

2) Cash gift. This is a specified amount of money from your estate. You can use a codicil to easily make an addition to your existing will without having to rewrite it. You can print a codicil out here.

 

3) Specific gift (e.g. property or land). If this is the case, we recommend that you contact us, so that we can work together to ensure that your wishes are, or can be, accommodated in the Trust’s plans. Cumbria Wildlife Trust will always take account of your wishes for the future use of your gift.

 

Wording for your Will

If the time is right for you to remember Cumbria Wildlife Trust with a gift in your Will, you may find the following suggested wording useful:


Percentage of your estate – I give Cumbria Wildlife Trust (charity number 218711) of Plumgarths, Crook Road, Kendal, LA8 8LX, a % share (or the whole) of the residue of my estate for its general charitable purposes. I further direct that the receipt of the Treasurer, or other proper officer of the Trust, shall be a full and sufficient discharge of the said Legacy.

 

Cash Gift – I give Cumbria Wildlife Trust (charity number 218711) of Plumgarths, Crook Road, Kendal, LA8 8LX, the sum of £ (pounds) for its general charitable purposes. I further direct that the receipt of the Treasurer, or other proper officer of the Trust, shall be a full and sufficient discharge for the said Legacy.

 

Specific Gift – I give Cumbria Wildlife Trust (charity number 218711) of Plumgarths, Crook Road, Kendal, LA8 8LX, my (description of item or property): for its general charitable purposes. I further direct that the receipt of the Treasurer, or other proper officer of the Trust, shall be a full and sufficient discharge for the said Legacy.

 

Things to consider:

Gifts to charity are tax-free. If you leave a legacy to Cumbria Wildlife Trust the value of the legacy is deducted from your estate before inheritance tax is calculated. This means your gift not only benefits Cumbria Wildlife Trust, it can also reduce your liability to inheritance tax.

A gift of 10% or more of the Estate to charity reduces the inheritnace tax rate on the rest of the Estate from 40 % to 36%.

 

Please do not hesitate to contact us in confidence to discuss any questions you may have about leaving a legacy to the Trust.