Legacy gifts are a vital part of our funding. Leaving a legacy gift will ensure that our valuable research work will continue and support future generations in the fight against head and neck cancer.
In the UK as a whole, legacies form a huge part of charitable donations – in 2014, the legacy market was worth around £2.4bn. Although a huge sum, it only represents 3% of all money left in estates. And with 74% of us donating to charities during our lifetime, there is a large disconnect between those who give during their lifetime and those who choose to leave a gift in their will.
Oracle Cancer Trust are truly grateful for the compassion of anyone who leaves a gift in their Will, whatever its value – today’s legacy gifts will help us find better treatments and new cures for future generations of patients suffering from head and neck cancer. Here is some outline information outlining some ways in which you can leave a gift in your will.
Legacies can be separated into three categories:
A fixed sum of money (Pecuniary)
This may seem like a simple option but bear in mind that the effects of inflation could mean that the true value of this gift could become less than you intended. To plan for this, either update your will regularly or link your legacy amount with inflation.
A percentage of the net value of the estate (Residuary)
A residuary legacy means you can leave a set proportion of your estate to charity after other beneficiaries are taken care of.
Individual possessions (Specific)
This could be anything, but typically land, property or shares.
If you’re not sure about what kind of gift you would like to give, talk to your solicitor who will be able to advise you further. If you have already made a will but now want to leave a legacy, you can make an addition or change it without rewriting your current will. This addition is called a codicil and a solicitor can advise how to add this to an existing will. You will just need to ensure that Oracle Cancer Trust is named along with our registered charity number 1142037.
As well as helping a good cause, leaving a gift in your will also have financial benefits for your friends and family. By leaving a gift in your will to Oracle, its value will be deducted from your estate before inheritance tax (IHT) is worked out. In some cases leaving a legacy may help bring the total value of your estate below the taxable threshold. It is possible for the inheritance tax rate to be reduced to 36 per cent if 10 per cent or more of an estate is left to charity. Taking advantage of this reduced rate would require advice from a solicitor. Gifts made up to seven years before your death may also qualify for exemption.
Leaving a gift in your will help fund vital early-stage research and play a significant part in our groundbreaking advances, leading to better and kinder treatments for head and neck cancer patients.
If you would like to discuss the process of leaving a legacy gift or have any questions then please do not hesitate to contact our Head of Fundraising, Emma, at email@example.com or call us on 020 7922 7924.