Ways to leave a gift in your will
How you decide to support the charity is entirely up to you, for example, you may choose to leave the charity a sum of money or a share of your estate. You may also decide to allocate part or the entire residue of your estate to the charity so you do not have to decide on a specific sum. If you wish for your donation to be spent in a specific ward or department of the hospital please make this known in your will, however, many people leave it to the overall charitable fund so we can support the areas which need it the most. There are four main types of legacies which include:
- Residuary legacy - This is the remainder of your estate after all other gifts have been made. This is often a popular way to leave a legacy as all other gifts have been given first and it is expressed as a fraction of your estate so it retains its value over time. This can be anything from 1% to 100%.
- Pecuniary legacy - This is a fixed amount of money left to the charity. The amount of money may fall due to inflation so we do advise you to review the amount regularly.
- Specific legacy - This is a gift of a specific possession such as jewellery, antiques, land or buildings.
- Reversionary legacy - This allows you to leave your estate to your dependants while they are living, but after they pass away it will revert to the charity. For example, you may leave your house to your first beneficiary but after their death, the house passes to the second beneficiary which could be the charity.
If you would like to calculate what you think you may have left to leave please visit the Remember a Charity website to use their wealth calculator.