Gifts in Wills (legacies)
Many people sustain our work by choosing to make a gift to the Martlets Hospice in their Will. Legacies are often the largest gifts individuals can make to us and this type of bequest makes up around 25% of our annual income. Legacies are therefore of fundamental importance to the survival of the Hospice and we do all we can to encourage people to remember us in their Will.
Our hope is that when people make or change their Will and once they have made adequate provision for their loved ones, then they will include a bequest to The Martlets Hospice.
Make a gift in your Will To The Martlets Hospice for free
We are delighted to announce that Griffith Smith Farrington Webb Solicitors in Brighton have launched a scheme offering free codicils (a codicil is an addition to an exisiting will ) to people who want to make a gift to The Martlets Hospice in their Will.The Wills & Probate Team at Griffith Smith Farrington Webb Solicitors will be donating their time and expertise in order to encourage people to make gifts to the Hospice in their Wills. The Martlets Hospice is reliant on legacies for about 25% of its annual income and so these gifts are vital to its survival as a local charity serving people affected by terminal illness.
This offer is available for a limited period only from 1st September - 29th February 2009.
To make an appointment telephone Rosie Haine at Griffith Smith Farrington Webb Solicitors on 01273 384049. She will arrange an appointment with one of the participating solicitors or legal executives. Ensure that you quote ‘The Martlets Hospice Free Codicil Scheme’ in order to qualify for this free service. Please note the free codicil can only be made for the purpose of making a gift to The Martlets Hospice. If any other beneficiaries other than the Hospice are to be included in the codicil, then a charge will be made for these items.
Our Legacy Profile and Preferences
During 2006-2007 a total of £1,078,534 was given to us as legacies. 39 bequests totalling over £1.5 million were notified to us during the year. The average bequest was £38,500. Gifts made in Wills ranged from £500 to £285,000.
The most common types of legacy we receive are cash legacies (gifts of a specific amount of money) and residuary legacies (gifts of a specific percentage of the assets of an estate).
We are often asked to give our preference for the type of legacy people should leave to the Hospice. We would prefer people to make residuary legacies because generally this type of gift results in the most income for us. In addition, we prefer people to make their gifts towards our general work as this helps us to use legacies to fund our existing services and to keep them running.
The Impact of Gifts made in Wills
The following examples illustrate how gifts of any size can have a beneficial impact on the local people affected by terminal illness who use our services.
A £500 Legacy would pay for either:
. 16 counselling sessions for families affected by bereavement
· caring for 1 patient attending our Day Hospice for 3 days
· 19 occupational therapy sessions for patients
A £1,000 Legacy would pay for either:
· nursing 1 patient on our In Patient Unit for 2 days
· nursing 1 patient in their own home for 5 days
· 37 massages for patients
A £5,000 Legacy would pay for either:
· 161 counselling sessions for families affected by bereavement
· caring for 3 patients attending our Day Hospice for 10 days
· 192 occupational therapy sessions for patients
A £10,000 Legacy would pay for either:
· nursing 2 patients on our In Patient Unit for 12 days
· nursing 10 patients in their own homes for 5 days
· 370 massages for patients
A £38,500 Legacy (our average gift during 2006-2007) would pay for either:
· nursing 4 patients on our In Patient Unit for 3 weeks
· nursing 14 patients in their own homes for 2 weeks
· caring for 20 patients attending our Day Hospice for 11 days
· 3 counselling sessions each for 414 families affected by bereavement
A £50,000 Legacy would pay for either:
· nursing 6 patients on our In Patient Unit for 19 days
· nursing 20 patients in their own homes for 13 days
· caring for 30 people attending our Day Hospice for 10 days
· 3 counselling sessions each for 538 families affected by bereavement
A £100,000 Legacy would pay for either:
· nursing 11 patients on our In Patient Unit for 3 weeks
· nursing 35 patients in their own homes for 2 weeks
· caring for 50 people attending our Day Hospice for 12 days
· providing 3 counselling sessions each for 1,075 families affected by bereavement
The Importance of Making a Will
We strongly advise people to seek the services of a solicitor when making or changing their Will. Using a solicitor gives peace of mind that instructions and wishes will be carried out as intended and a solicitor is best qualified to explain the types of bequests that can be made.
A local solicitor, Nadia Cowdrey, has written two articles on the importance of making a Will and on how to prepare for meeting your solicitor. Nadia Cowdrey is a partner at Griffith Smith Farrington Webb Solicitors in Brighton and specialises in Wills, Tax Planning and Probate. To read the articles click here.
Inheritance Tax advantages to making a gift to the Martlets in your Will
Many people choose to include the Martlets in their Will in recognition of the care received by them or another family member from the Hospice, tax advantages now mean it may cost your family less than you think says Nadia Cowdrey, who is a solicitor and partner in the Tax, Trusts & Estates Team at Griffith Smith Farrington Webb.
Mrs Smith is a widow with two adult children. Upon her husband’s death, she inherited his whole estate, and now owns a property worth £624,000 and has savings of £100,000. She is considering making a gift to the Martlets in her Will, but does not want to significantly reduce what her children receive. Following advice from a solicitor, she makes a Will leaving a legacy of £100,000 to the Martlets and leaves the residue of her estate to her children equally.
The tax position and cost to her estate of including the legacy:
Total Estate (ignoring debts and expenses) £724,000
Less Her Inheritance Tax Allowance [2008/09 threshold] (£312,000)
Less her husbands transferred Inheritance Tax Allowance (£312,000)
Less charitable exemption applicable to the Legacy (£100,000)
Amount Liable to Inheritance Tax Nil
Children inherit £624,000 & the Martlets inherit £100,000
The tax position if she left her whole estate to her children instead:
Total Estate (ignoring debts and expenses) £724,000
Less Her Inheritance Tax Allowance [2008/09 threshold] (£312,000)
Less her husbands transferred Inheritance Tax Allowance (£312,000)
Estate Liable to Inheritance Tax £100,000 @ 40%
£40,000 Tax Due
Children inherit £684,000
As can be seen from this example, if Mrs Smith includes the legacy in her Will, the Martlets receive £100,000, but the actual cost to her children would only be £60,000, as the estate would save £40,000 inheritance Tax. You should not take or refrain from action based upon this article alone. Each individual is unique, and bespoke advice should always be taken from a solicitor specialising in Wills, Trusts and Inheritance Tax.
Information to include about the Hospice in a Will
The only information you need to include about the Hospice to ensure that any gift you make to us is secure is to use our correct legal name and registered charity number – The Martlets Hospice Registered Charity Number: 802145. Your solicitor will be able to include this information alongside the type and amount of your bequest to us.
Information available from The Martlets Hospice
We have produced a legacy leaflet and legacy information pack which explain why gifts in Wills are essential to The Martlets Hospice. We welcome enquiries about legacies and we are very happy to arrange visits to the Hospice if this helps people to make up their minds about leaving a gift in their Will to us.
Legacy Leaflet - To view our leaflet about how a gift in your Will can help to secure our work, then please click below:
Leaflet Page 1 Leaflet Page 2
Legacy Information Pack - Our pack includes details about how to prepare for meeting a solicitor, the types of gifts you can make in your Will and a list of local solicitors and Will-writers. The pack is available on request from our Legacy Officer (see below).
Our Legacy Officer
Gary Moyle is our Legacy Officer and he can be contacted to discuss any aspect of making gifts in Wills to The Martlets Hospice. He can answer any queries you have, send our legacy leaflet and legacy information pack to you and arrange a visit to the Hospice on request. He can be contacted by phone on 01273 747455 or by email at gary.moyle@themartletshospice.co.uk
Our Will Writing Week
Our second Will Writing Week took place during March 2007 offering discounted Wills in association with nine local solicitors' firms who waived their fees. 93 people took the opportunity to make or change their Wills and the event raised in excess of £9,000 for the Hospice. In addition, some people told us that they had made gifts in their Wills to The Martlets Hospice.
Our next Will Writing Week will take place in March 2009. Details of the scheme will be available on this website page early in 2009.
