Making a gift in your Will
Making a Gift in your Will
Your guide to your options and what you can do next
Help secure the future of Avro Vulcan XH558
Do you have a Will already? Or are you about to make one? If you are thinking about leaving some money to a charity, please consider the Vulcan To The Sky Trust.
The Vulcan To The Sky Trust’s mission is to Honour the Past and to Inspire the Future.
XH558 was the last flying example of the RAF’s iconic Avro Vulcan, telling the story of Britain in the Cold War years, and inspiring the young in design and engineering through its awesome flying displays.
The Trust's aims include
To maintain Avro Vulcan XH558 in full working order, and to demonstrate the aircraft to the public.
To tell the story of the RAF’s V-Force during the Cold War, and to commemorate the people involved.
To deliver activities and experiences to inspire the young in engineering, technology and aerospace.
To explain the causes of climate change, especially the part that aviation plays, and to present the many ways that engineers are devising to minimise climate change.
To restore, maintain and operate other unique aircraft, including the world record-holding English Electric Canberra WK163.
Remembering the Vulcan to the Sky Trust in your Will
When drafting a new Will, it is important that people first think about their spouse, family and friends.
There are two ways to leave a gift to a charity in your Will: a Residuary gift or a Cash gift.
A gift in your Will can be any size. £50 is welcome, so is £50,000. 1% of your estate would be wonderful, or any other percentage which helps ensure the future of XH558.
It’s only natural that you would want your spouse or partner to benefit from the whole of your estate during their lifetime. If you are happy to remember the VTST in your Will, you can ask your professional adviser to draft a Reversionary legacy, which would only come to the VTST after your spouse or partner has
subsequently died.
If you are intending to make a gift to the Trust in your Will, or indeed have already done so, we thank you. And if you wish to notify us, as some people do, please call us on 01302 623 300 or write by email to legacies@vulcantothesky.org
The words you can use are as follows. You should write them out and send them to your solicitor.
Residuary gift in a Will
(a percentage of your estate)
I give all (or a ….% share) of the residue of my estate to The Vulcan To The Sky Trust, Unit 4 Delta Court, Third Avenue, Doncaster Sheffield Airport, Doncaster, DN9 3GN, Charity Number 1101948 to be used for its general charitable purposes and I declare that the receipt of their Treasurer or other proper officer shall be a full and sufficient discharge.
Cash gift in a Will
I give free of tax to The Vulcan To The Sky Trust, Unit 4 Delta Court, Third Avenue, Doncaster Sheffield Airport, Doncaster, DN9 3GN, Charity Number 1101948 the sum of £……… (words and figures) to be used for its general charitable purposes, and I declare that the receipt of their Treasurer or other proper officer shall be a full and sufficient discharge.
If you want to leave the “Reversionary legacy” we mentioned, it is important for your professional adviser to understand your personal circumstances before drafting such a gift.
Tax doesn't have to be taxing
We would like to emphasise that it is really important to take professional advice when preparing your Will. Ideally you should use a solicitor who might also help you avoid inheritance tax if it applies. If you do not have one, find one online via www.lawsociety.org.uk/find-a-solicitor
All gifts to charity are wholly exempt from inheritance tax. The value of your estate for tax assessment is reduced by the value of your gift, so that the tax can be reduced or eliminated.
Also, recent legislation has added incentives for estates to leave at least 10% to charities. You can also cut the Inheritance Tax rate on the rest of your estate from 40% to 36%, if you leave at least 10% of your ‘net estate’ to a charity.
Other things to remember when considering making or updating your Will
Help in drafting or changing your Will
To make everything easier for those who survive you, it is worth taking time to consider:
Have you appointed an executor of your Will?
Guardianship of children or dependant relatives
Have you made provision for your pets?
Whether you would prefer to be buried or cremated
Whether you would like flowers from everyone, or just the family, and instead ask for donations to a charity such as VTST.
Our team are here for you
Find out how you can make or update your Will using our free no-obligation Will writing service
We believe the best way to ensure that your Will reflects your wishes is to have it prepared by a qualified solicitor. Poorly worded Wills can incur large legal fees for beneficiaries and may mean that your wishes are not met. A properly prepared Will ensures everything is handled efficiently and in the interests of your family, friends and the causes closest to you.
As a member of The National Free Wills Network, we are now pleased to offer supporters aged 55 or over a free Will writing service. You can have a simple Will drafted free of charge by a local solicitor chosen from a UK-wide network of solicitors, all of whom are members of The Law Society. If you already have a Will, you may like to take this opportunity to have it updated.
How The National Free Wills Network operates
Simply register your interest in our free Will writing service by telephoning us on 01302 623 300. We will then ask the National Free Wills Network to send you an information pack listing the Network’s solicitors nearest to you. Simply choose a solicitor and contact them directly to book an appointment.
You are not obliged in any way to leave a gift in your Will to the Vulcan to the Sky Trust but we sincerely hope that you will
choose to do so.
Please note that this offer applies to the writing of simple Wills. If your chosen solicitor advises you that your Will is more complicated, you will be asked to pay the solicitor for the extra work. Should this be the case, it is of course your decision whether to proceed with this service.
Don’t put off making your Will any longer
So get peace of mind today and take the first step towards making your Will. Simply telephone 01302 623 300 for a free information pack.
As always, thank you for your continued support of Vulcan XH558 and the Vulcan to the Sky Trust.
Jargon Buster
a person or charity benefiting from a gift in your Will.
A gift in your Will to any person or charity.
A legal postscript to your Will which makes a valid legal change or addition to your Will
Total sum of all your possessions.
A person charged with ensuring that your wishes expressed in your Will are carried out. Executors can also be beneficiaries.
These are gifts to a charity (such as VTST) which are in place of flowers at a funeral where only family flowers might be desired.
Dying without a Will.
The tax levied on your estate if over a certain amount. The inheritance tax threshold for married couples is £650,000. Any amount over this sum is taxed at
40%. If you leave a legacy to VTST, the value of the legacy is deducted before being assessed for inheritance tax. An estate will reduce its tax bill by leaving VTST a gift in a Will. If you leave 10% of your estate to charity the tax due may be paid at a reduced rate of 30% instead of 40%.
A legacy gift in the form of a sum of money
official proof of a Will’s validity. If the value of the estate is more than £15,000, probate must be applied for by the executors who can then administer the Will and distribute the estate according to your wishes.
A gift of what is left of your estate (or part of, such as 10%) after all debts, taxes, costs and other legacies.
A legacy to a person or charity which is only passed onto the beneficiary after the lifetime of another you want to benefit first (such as your wife or husband).
A gift of a particular item in your will.
Person who has made a Will.
A witness of your signature on your Will – a witness cannot be a beneficiary.