Your questions answered
How much inheritance tax will I have to pay?
Making a will ensures that your estate is distributed amongst those you wish to receive something and you can also decide exactly what and how much they receive. If you do not have a will, family members may have to pay Inheritance Tax. For example, if the total value of your estate is over £325,000 (the current inheritance tax threshold), your beneficiaries will have to pay 40% inheritance tax on the amount over £325,000.
This means that if your estate is worth over £325,000, your beneficiaries will only keep £6,000 out of every extra £10,000 that you leave.
Leaving a gift in your will to a charity is tax efficient as charities are generally exempt from paying Inheritance Tax. This is often a help to people to ensure they stay within the Inheritance Tax threshold (which is set by the Government). Please ensure you speak to a solicitor regarding any questions you have about Inheritance Tax and making your will.
Can I add the York Teaching Hospital Charity to my existing will?
If you already have a will, it is important that you keep it up to date. Fortunately, making changes to an existing will is very straightforward.
If you want to add the York Teaching Hospital Charity to an existing will, your solicitor simply attaches a written instruction called a codicil. This must be done by your solicitor - don't make changes yourself as you may inadvertently invalidate your will. The codicil form will need the signature of two independent witnesses. Please download a copy of our codicil form here.|
If there are a number of changes you want to make, it may be better to make a new will, which your solicitor can help you with.
How does a solicitor help?
We would always recommend that you gain quotes from solicitors if you are unsure of the costs of producing a will and the cost can depend on how complicated your affairs and wishes are. A solicitor will ensure all legal procedures are followed and answer any questions you may have. If you do not already have a solicitor you can contact The Law Society on 020 7242 1222 or visit www.lawsociety.org.uk.
We also advise contacting your solicitor to make any changes to your will or if you wish to include a gift to the York Teaching Hospital Charity. Once you have made your will you need to keep it safe. Keep a copy for yourself and make sure your executors know where to find it but we advise that you leave the original will with your solicitor.
What wording should I use?
A suggested form of wording for your solicitor to include in the will is, "I give the sum of £... free of tax to the York Teaching Hospital NHS Foundation Trust, or its successor, as the trustees of the York Teaching Hospital Charity (registered charity number 1054527), for the general purpose of that charity." If the gift is for a specific purpose, the following wording should be added, "without imposing any trust, I desire such sum to be used for..."