Leaving a Gift in Your Will to VSA

There are three different ways you can leave a gift to VSA:

1. Residuary gift - this means you can leave a percentage or share of your estate. For example, you could leave 12% or 1/6 of your total wealth.
2. Pecuniary gift - this means a lump sum. You might choose to leave a fixed amount of money to VSA, such as £100, £1,000, or £10,000.
3. Specific gift - this means you leave a specified item of value in your Will. For example, you might leave antique, jewellery, or shares to us.

If you want to leave a gift to VSA but you’ve already made a Will, then there is a couple of ways you can change it.

• Write a new Will

The simplest way is to write a new Will. Once written, any Wills made by that person in the past become void. In fact, most Wills will start by reciting that you’re writing a Will and that you’re revoking previous Wills.

• Codicils

The other way is to write a codicil, which is a document used to make changes to an existing Will.

It’s used as a way to make simple amendments like adding a charity, changing a gift amount or adding an executor. This is all quite straightforward but problems can occur if you ever want to cancel the Will in the future.

When you cancel a Will that contains a codicil, the codicil does not get cancelled automatically, so when you write a new Will it can create inconsistencies and legal problems. To avoid this, make sure that any new Will clearly states that you are revoking all Wills and codicils previously made.

This will depend on the value of your estate. Everyone is eligible for Inheritance Tax (IHT), but there are a few situations in which your estate might not have to pay it. We would always recommend you read the latest guidance on IHT from HMRC https://www.gov.uk/inheritance-tax

Generally speaking, you won't have to pay IHT if:

• The value of your estate – that’s the combined value of all your money, property, and possessions – is less than £325,000.
• You leave your entire estate to your spouse or civil partner, a charity or a community amateur sports club.
• Gifts you give in your lifetime are exempt from IHT, subject to some limits, as long as you continue to live for at least 7 years after you’ve given the gift. If you die sooner than this, IHT may be payable.

You will have to pay some IHT if:

You leave part or all of your estate to your children – including adopted children, foster children or stepchildren – and grandchildren. However, the tax-free threshold rises and in addition to the nil-rate band of £325,000, a residence nil rate band may also be available at the rate in effect at the date of death if the main residence is left to lineal descendants i.e. children or grandchildren. Or you may have to pay IHT if you decide to leave gifts in your Will to any other relatives, friends or non-charitable organisations.

Anything above your tax-free threshold is currently taxed at 40% - this means that beneficiaries of your estate will receive £6,000 for every £10,000 over the threshold your estate is worth. Anything you leave to a spouse or civil partner, charity or community amateur sports club isn’t included in this threshold, and as mentioned above, the threshold is higher when you’re leaving money, property or possessions to children or grandchildren.

The rate, tax-free thresholds and other rules around IHT change from time to time, and we strongly recommend you visit the official Government page on IHT for full details.