The beneficiaries you include in your will reflect everything which is important to you in life and, in many cases, this includes charities close to your heart. Adding a charitable bequest to your will is very straightforward and can be included after all your loved ones have been provided for.
There are three types of bequest you could leave to a Retina UK:
- Pecuniary – this is a specific sum of money. Bear in mind that inflation could cause the value of a pecuniary bequest to lessen over time, so you might want to consider asking your solicitor to index link the gift, preserving its value.
- Residuary – this is a share of your remaining estate after all debts and expenses have been discharged and all pecuniary and specific bequests have been paid.
- Specific – you may have a particular item you wish to leave to the charity, perhaps some jewellery, artwork, furniture or even something larger such as a car or house.
Your solicitor will be able to advise you on the wording to use to ensure that your wishes are made clear. It is important to use the charity’s full name, address and registered charity number to make sure that your gift reaches us: Retina UK, Wharf House, Stratford Road, Buckingham, MK18 1TD, Registered Charity Number 1153851.
Currently, the threshold at which inheritance tax is payable is £325,000. The rate is 40%, but if you leave 10% or more of your estate to a charity, the rate reduces to 36%. This means that by including a charitable bequest you may be able to reduce the tax burden on your other beneficiaries. Charitable bequests are exempt from inheritance tax.
Preparing your will is a very personal matter and there is no requirement for you to inform Retina UK of your intentions. However, we would love the opportunity to thank you for remembering us in such an important way, so please do get in touch with our Senior Fundraising Manager Deborah on 01280 815900 or email deborah.laing@RetinaUK.org.uk if you would like to share your decision with us.