Legacy

Have You Made a Will?

Did you know that as many as one in five people in the UK die without making one? Many people make the mistake of thinking that they do not own enough property or cash to necessitate a Will.

However, making a Will is the only way to ensure that whatever you own is distributed according to your wishes. Indeed, without a Will your family will be faced with sorting out complicated legal matters at an already distressing time.

Your first priority must be to your family. Once you have taken care of your close family in your Will, you might consider leaving a little to help The Parachute Regiment. By doing so, you will continue to help the Regimental family and the welfare and memory of our soldiers for years to come. A legacy enables you to support us in a way which might not be possible during your lifetime.

Making a Will is a tax-efficient way of donating money to charity. All legacies to charities are free of Inheritance Tax and Capital Gains Tax and could reduce the tax burden levied on your estate.

We strongly recommend that you use a Solicitor to help make or amend your Will. In most cases this is not an expensive exercise – many solicitors charge a flat fee for this. A Solicitor will ensure that your wishes are practicable and will be carried out. Doing this need not entail making a new Will; you can simply make a brief addition – known as a Codicil – to include us in your existing Will.

We understand that making a Will is a very private matter, but it would help us enormously to know if you plan to leave a legacy, that way we can avoid sending inappropriate communications.

Frequently Asked Questions

Do I have to make a Will?
Making a Will is the only way to take control of your affairs and decide who you want to benefit from your estate. Without a valid Will, the law decides who gets what – it does not necessarily follow that your nearest and dearest will benefit. If you haven’t made a Will, you leave everything to the rule of intestacy, chance and possibly even the Inland Revenue (HMRC).

Is it possible to change my existing Will to include a legacy to The Parachute Regiment?
Yes, even if you already have a Will you can still leave a legacy by completing a Codicil. It is still advisable to seek advice from your Solicitor.

Do I have to tell the Regiment of my wishes?
You do not have to tell us if you have made or intend to make a legacy in our favour. However, it would be greatly appreciated if you could do so. Knowing about legacies helps us to plan for the future.

Are there any tax implication for leaving a legacy to a Charity?
Yes – charities are exempt from Inheritance Tax and Capital Gains Tax. So, if you are eligible to pay Inheritance Tax, money that would otherwise go to HMRC could go to help the Charity in its work.

Do I have to use a Solicitor to draw up my Will?
You can buy and complete a “Do it Yourself” Will if your affairs are very straightforward. However, we do strongly advise you to use a Solicitor. Many Solicitors charge a flat fee for this service and you will be able to rest assured that all your affairs are in order.

How do I go about finding a Solicitor?
The telephone directory has a list of solicitors in your local area. Your local library may also be able to help. You can also use the Law Society website where you can search online using your postcode.

What type of gift can I leave?
There are three main types of legacy:

• Residuary Legacy – This is the gift of the remainder of your estate (or a percentage of the remainder) after all other gifts to family and friends have been distributed and all outgoings have been dealt with. If you are generous enough to leave your entire estate to one Charity this is also known as a Residuary Legacy. A Residuary Legacy is usually of greatest benefit as its value increases in line with inflation.
• Cash (or Pecuniary) Legacy – This is a fixed sum of money
• Specific Legacy – This is a legacy of a specific named item of value that you have left in your Will. It could be a house, property, life insurance, shares, a painting or even a classic car!

If you would like a legacy pack, please contact us.

What should I do before visiting my Solicitor?
These three steps will prepare you for the questions your Solicitor will ask and make drafting your Will more straightforward:

• Make a note of all your assets, including savings and investments.
• Decide who you would like to provide for in your Will – your family, friends and favourite charities.
• Choose at least two executors (they can be friends, relatives or professionals) who will ultimately make sure that your wishes are carried out. It is a good idea to check that the people you have chosen are happy to take on the responsibility. On a practical note, it is advisable for at least one executor to be younger than you.

Please Let Us Know

You do not have to tell us if you have made or intend to make a legacy in our favour. However, it would be greatly appreciated if you could do so. Knowing about legacies helps us to plan for the future.