What is a will?

A will is a legal document that says who you want your money and belongings to go to when you die.

Why should I make a will?
No will means, quite simply, no choice. Your treasured possessions and assets will be divided up by the state. An up to date will is the only way to be absolutely certain that your money and belongings go to the people you love and the causes you care about. It is important to review your will from time to time and make sure it reflects any changes to circumstances and legislation (such as inheritance tax).

Is making a will difficult or expensive?
A simple will with a reputable will-writer is more reasonable in price than people think. The average cost of writing a single will is around £75, depending on where you live.

Do I need a solicitor?
We would always recommend using a solicitor to draw up your will. A professionally drawn up will is very important. Any slight ambiguity or wrong wording in DIY will writing packs can cause problems and even void the will.

How do I leave a gift for The Children's Hospital Charity ?
There are four main types of gift you can leave TCHC:

Pecuniary - A specific/fixed sum. This type of gift should be reviewed regularly as the value of this may fall due to the effects of inflation.

Residuary - The remainder (or part of the remainder) of your estate once all other gifts and expenses have been made. This is a popular way of giving as it is expressed as a fraction of your estate rather than a fixed sum, so retains its value over time.

Specific - A particular item, such as property, antiques, furniture, jewellery or valuables.

Reversionary - Providing for a loved one during their lifetime with the assets passing to charity upon their death.

Your solicitor will draft the exact wording, however you should make sure it includes our full name, registered address and Registered Charity No: The Children's Hospital Charity, Western Bank, Sheffield, S10 2TH - RCN 505002

I already have a will, how do I include a gift for TCHC?
A Codicil is an alteration or addition to your will that changes or adds to your existing will. Please speak to your solicitor.

What if I don't have much to leave?
Every gift in every will makes a difference and you may be surprised at how the value of your home, possessions and savings add up.

What about tax?
Gifts to charities are exempt from Inheritance Tax. Even if your estate is liable for Inheritance Tax, no tax will be paid on any gift you leave to charity. Many people use gifts to charities as a way of staying within the Inheritance Tax threshold, thereby avoiding the tax altogether. Please note that rules for Inheritance Tax change from time to time and you should speak to your solicitor for current tax thresholds.

Can I set up an ‘In Memorium' Fund?
Yes - with an In Memorium Fund your loved ones can give to TCHC instead of buying flowers. They can make gifts to remember you on special days such as your birthday. Simply mention in your will that you would like TCHC to set up an In Memorium fund in your name.

Glossary

Administrator
The legal name of someone appointed to sort out your estate if you have not made a will (also
called dying ‘intestate').

Beneficiary
An individual or organisation who receives a gift in a will.

Chattels
Personal possessions including furniture and cars.

Codicil
A legal document adding a simple update or alteration to your existing will.

Estate
The total of all your possessions at the time of your death, including money and property.

Executor/Executrix
The (male/female) people you appoint to carry out the instructions in your will.

Guardians
The people you appoint to have custody of your children.

Intestate
You are intestate if you die without making a will.

Legacy (or Bequest or Gift)
A gift in a will to a person or organisation.

Pecuniary Legacy
A gift of a fixed/specific sum of money.

Probate
The legal procedure to confirm your will is valid and give power to your Executor/Executrix to
deal with your estate.

Residuary Legacy
A gift consisting of the residue or part of the residue of your estate.

Reversionay Legacy (also referred to as "Lift Interest")
A two stage gift where the first beneficiary is given an asset (for example, a house) for use during their lifetime, which then passes to a second beneficiary (eg a charity) upon their death.

Specific Legacy
A gift of a particular item.

Testator/Testatrix
The person who is making the will.