Legacies FAQs
Legacies Frequently Asked Questions
Do I need a Will?
There’s usually a key time in someone’s life when they decide to write a Will. Whether that’s an anniversary, a birth of a child, or moving house.
However, there doesn’t have to be a change in your life to write a Will. It’s important to have one, and ensuring your affairs are in order helps family and friends at a stressful time, ensures your wishes are followed, as well as making sure your loved ones are taken care of.
It’s also the only way for you to leave a legacy to the causes and charities that you care about.
What if I already have a Will?
If you’ve already written your Will – don’t worry. If you’d like to make a small amendment, like adding a gift to Firstsite, you can do so by getting in touch with the solicitor you wrote your Will with and getting this updated.
If you’d like to make any significant changes, or if you’d like to re-write your Will anyway, simply use one of our free services.
What types of gifts can I leave?
If you’d like to leave a gift in your Will to Firstsite, there are a number of ways you can do it. You could gift:
A share or percentage of your estate (residuary gift)
You may wish to leave all or part of what is left of your estate after other gifts and debts have been paid. This gift will not be eroded in value by inflation over the years.
A set sum of money (pecuniary gift)
You may wish to leave us a stated sum of money. With this gift, it’s important to remember that the value of money changes over time and you may need to alter your Will periodically to keep up with inflation.
A specific item of value
You may decide to gift us specific items of value, such as works of art or property.
A reversionary gift
This gift enables you to pass your estate, or specific assets of your estate, to individuals who will benefit throughout their lifetime.
Following their deaths, all or some of the estate is then passed to the beneficiaries, as specified in the reversionary legacy. For example, property may be left to a cousin for their lifetime and then bequeathed to Firstsite after their death.
For more information on types of gifts, as well as suggested wording for your will, you can download our Free Wills Guide.
Are there any tax benefits?
As a registered charity, your gift to Firstsite will be free of Inheritance Tax (IHT). So, if the value of your estate is more than the tax threshold, a gift to charity could reduce the burden of Inheritance Tax. Also, if you leave 10% or more of your estate to charity, this can reduce the rate of IHT from 40% to 36% on some assets.
Find more information about Inheritance Tax.
Unfortunately, we are unable to claim Gift Aid on gifts in Wills.
Where can I keep my Will?
Wills often get lost or mislaid over time, so make sure to keep yours safe. We recommend leaving a copy with your solicitor, or with someone you trust. Alternatively, for a small fee, you can register your Will with the National Will Register.
