Rainbows Children's Hospice
Registered Charity Number: 1014051
Rainbows: In Memory and Legacy
Many of our donations are made in memory of a loved one. It’s a very special way of remembering someone as it really helps us to carry on caring for our life-limited children and young people. This can be done via Legacy Donations.
You create these Legacy donations online in a memory account at JustGivingFriends or on the Much Loved Memorial website. Family members can leave personal messages, and all the donations and Gift Aid are automatically forwarded to Rainbows.
Types of Legacy:
In lieu of flowers
Flowers last such a short time, while your donation to Rainbows will make a real difference to our children and young people.
Gifts in wills
Legacy income is vital for our future. Your gift in your will can help us care for life-limited children and young people. If you are thinking of leaving a legacy and want to talk through what is involved and perhaps visit the hospice, just let us know.
How to make your will
Please note: Rainbows advises anyone making or updating a will to seek independent advice from a practising solicitor or other legally qualified will writer.
Making your will can be broken down into three broad and simple steps.
Step 1. What have I got to leave?
Before you go to your solicitor, try to make a list of all the major assets you have, your house or any property you own along with any of the contents. Antiques, jewellery and furniture can all be listed as assets.
Further assets could be bank or building society accounts. Any savings should be considered along with stocks and shares that you may own.
Step 2. What to leave to whom?
This forms the main part of any will. The technicalities can be quite complex but don’t let this put you off, solicitors can help you with this process. It’s a good idea to have thought through who you would like to receive gifts. By making your will and ensuring it is up to date, you can help put your affairs in order and look after family and friends when you are gone, as well as making a difference to those that you value such as your favourite charity.
Step 3. Make use of a solicitor
It shouldn’t take too long, but it is very important to involve a legal professional to draw your will up for you. You will need to choose executors to your will to ensure that your wishes are taken care of after you have gone, often solicitors act in the capacity of an executor. If the legal formalities are not followed correctly, your will could be declared invalid.
Updating Your will
It is important to keep your will up to date to ensure it reflects your current wishes and circumstances. You should ideally review your will every time a ‘life-event’ occurs, examples include:
- A change in financial circumstances
- A death in the family
- A change in tax laws
- You have children or grandchildren
Ensuring that your will is in place and up to date will give you peace of mind for you and those who you leave behind, while also ensuring that the Government does not decide how your assets are distributed.
Rainbows runs a reduced rate will-making service to enable more people to put their affairs in order.
Types of donation
The most common types of donation are described below:
- Residuary – This type of legacy is a share of the estate or, more accurately, what is left of the estate after all the debts, costs and other bequests have been settled.
- Pecuniary – This is a fixed sum of money (e.g. £500, £5,000) specified in a Will as a gift. Pecuniary bequests are not usually subject to inheritance tax.
- Specific – This is a specified item e.g. ‘diamond solitaire ring’. Specific bequests are not usually subject to Inheritance Tax.
Will wording examples
If you would like to include Rainbows Children’s Hospice in your will, we’ve provided examples of a residuary bequest and a pecuniary bequest to take along to your solicitor:
Residual Bequest – I give **% of the residue of my real and personal estate to Rainbows Hospice for Children and Young People, Registered Charity Number 1014051 of Lark Rise, Loughborough, Leicestershire, LE11 2HS and I direct that the receipt of the treasurer or other proper officer shall be a full and sufficient discharge to my executors.
Pecuniary Bequest – I give the sum of ……pounds to Rainbows Hospice For Children and Young People, Registered Charity Number 1014051 of Lark Rise, Loughborough, Leicestershire, LE11 2HS and I direct that the receipt of the treasurer or other proper officer shall be a full and sufficient discharge to my executors.
If you are going to leave a donation to Rainbows in your will we’d be really grateful to hear about it. Please get in touch with Gill Smitherman on 01509 638 058 or firstname.lastname@example.org.
Questions and answers
Why should I make a will?
A will is the only way of making sure that your dependents are provided for in the way you wish after your death. If you die without a will a court will appoint administrators to deal with the distribution of everything you own (your estate). They won’t know your wishes and you will have no control over how they divide your estate.
How do I know what to leave?
In order to decide what to leave, you must first value your estate. That means estimating the combined value of all your assets, including: your house and its contents; your car; jewellery and antiques; savings; investments and life insurance; business assets; and any money owed to you.
Once you have a total, deduct the value of the following: any money you owe; your mortgage; any overdrafts, loans, hire purchase agreements and credit cards.
The figure you come to is the value of your estate. Now you can draw up a list of everyone you wish to benefit from your Will, by how much and in what way – and decide whether you want to make a gift to Rainbows.
How can I be sure my will is valid and accurate?
A will is a legal document and trying to write your own can be difficult. One small mistake and it may be invalid. That’s why it is always best to have your will drawn up by an experienced solicitor.
How much will it cost me?
The cost of a straightforward will is normally under £200. It will be worth every penny to ensure your instructions are followed and your loved ones – and the causes you believe in – are provided for as you wish. Rainbows also provides a reduced cost will-writing service.
Why would I need to update my will?
Keeping your will up to date is as important as making one. Your wishes, circumstances and family arrangements can change over the years – influenced by factors such as marriage and divorce, the birth of children and grandchildren or receiving an inheritance. Any of these events would make an updated will essential.
Will my loved ones have to pay Inheritance Tax?
Yes, if the value of your estate is worth over £312,000 (2008-9 figure), your loved ones will end up paying Inheritance Tax on the excess at 40%. But charity gifts are exempt, so your loved ones will only pay the tax on the value of your estate after this gift has been made. There may be other ways that you can further reduce Inheritance Tax and we strongly advise you speak to a solicitor or financial advisor if you require further guidance.
How do I change my will?
A will is an important legal document and unless you have the necessary expertise it is very easy for complications to arise at a later date. We therefore recommend that you contact a solicitor or professional advisor who can draw up the document according to your wishes.
There are many firms of solicitors who can help you compose or amend your will. A professional advisor will ensure not only that your estate is distributed as you would wish, but also that you have minimised your taxable contribution, leaving more for family, friends and good causes.
Rainbows does not recommend a particular firm of solicitors but, for people wishing to choose a solicitor, we do recommend contacting The Law Society. This impartial, independent organisation operates a free ‘Find a Solicitor’ service, which can be contacted using the following details.
Tel: 0870 606 2555
Never write on your will or you will make it invalid.
Major changes might require a completely new will. However, minor additions such as leaving a gift to Rainbows can be made using a separate document called a codicil.
This is fairly straightforward to arrange and again your solicitor or professional advisor will be able to advise you and complete the necessary formalities to ensure that your wishes are complied with.
“Why I am leaving Rainbows a gift in my will” by Sue Preston
Sue Preston has been a supporter of Rainbows for nearly four years. Being a keen gardener Sue became a garden volunteer and soon became aware of the importance of the care provided by the hospice. Sue says that Rainbows is “a fantastic place” and she loves it when the children are outside enjoying the gardens.
Having seen the care provided by Rainbows at first hand Sue says: “I decided to change my will to benefit this worthwhile charity. I feel that at Rainbows, money is spent wisely.”
By leaving a gift to Rainbows in her will, Sue will help to provide our precious service long into the future.
To find out more, contact Gill Smitherman on email@example.com
Rainbows Online Legacies
A Rainbows Legacy Fund is a way to remember the life of someone who was special to you. This can be created online and we would be honoured to have you as one of our Legacy donors.
It’s simple and quick to set up
Gill Smitherman (Legacies Manager)
Rainbows Children's Hospice
Phone: 01509 638058
Make a Pledge
Gifts left in wills are really important to Rainbows Children's Hospice. However even if you haven't made a will, making a pledge to do so in the future would really help us to find out about your future intentions.
Pledges are not legally binding so by filling out this form you are not committing yourself! You are simply allowing Rainbows Children's Hospice to confidently estimate future support for their cause.
Leave a Legacy
If you have already made a will but you want to leave a legacy to a charity you can make an addition or change it without re-writing your current will. This addition is called a codicil.
To leave a legacy to Rainbows Children's Hospice please download the codicil form below and take it along to your solicitor.
Please note however that this form is not legally binding on its own and has to be part of your main will. We advise you to seek the advice of a solicitor.
If you have any questions about leaving a legacy to us, please contact Rainbows Children's Hospice directly – they will be happy to discuss this with you.