A Gift in your Will:
Have you thought about your legacy?
Having a Will ensures your wishes are carried out after your death. After you have remembered friends and family, choosing to leave a gift to the Royal Marines Charity will ensure we, as a charity, have the funding to provide the care and resources for the Corps Family long into the future.
If you are considering leaving a legacy gift in your Will to the Royal Marines Charity, we are here to guide you through how to write, or add to, your existing Will.
The following sections explain more about how to leave a gift to the Royal Marines Charity in your Will, the types of legacy gift you can leave and how this can significantly reduce the amount of inheritance tax payable against your estate.
Leaving a gift in your Will
We would always recommend that you speak to a solicitor or skilled professional in this area when making or amending your Will.
Once your loved ones are taken care of, if you wish to make a charitable gift to the Royal Marines Charity, a legacy gift of any value will make a huge difference to us.
When you leave a legacy gift in your Will it is not binding in any way and you can change your mind at any point. If you already have a written Will but are considering making an amendment or addition, you may well be able to do so by writing a codicil rather than re-writing a new Will.
Your Will and The Royal Marines Charity
Your will tells everyone what should happen to your money, possessions, and property after you die (your estate). If you do not leave a will, the law decides how your estate is passed on, and this might not be in line with your wishes. For some people, the idea of visiting a solicitor to discuss issues such as their personal wealth (or perceived lack of it) and eventual death is a daunting prospect – and often enough to find excuses to put off making a will until another day.
The Royal Marines Charity are piloting writing a legally binding will which is both easy and affordable through Farewill – a digital will provider.
Free Wills at Farewill.com
At Farewill, you can write your will for free with the code RoyalMarines – click here to get started today.
Contact the legacy manager
If you are interested in leaving a gift to The Royal Marines Charity in your will, please don’t hesitate to get in touch with our team today. We know that your will is personal, but setting up a legacy is straightforward, and our team is here to answer any questions you may have.
To have an informal chat or seek advice on legacy giving for The Royal Marines Charity please email Chris Hirst or call 023 9387 1565. Alternatively you can speak to your Solicitor or professional advisor.
Download our FAQ's here
Types of legacy gift
- A pecuniary gift is a gift of a fixed amount of money.
If you are considering making a pecuniary gift to the Royal Marines Charity, we would suggest the following wording in your Will:
‘I give to the Royal Marines Charity, Registered Charity Number 1134205, of Commando Training Centre Royal Marines, Lympstone, Devon EX8 5AR, (hereinafter called the TRMC) the sum of £……. and I direct that (i) the proceeds may be used for the general purposes of the TRMC and (ii) a receipt signed by a person for the time being authorised by the Trustees of the TRMC shall be a good and sufficient discharge to my Executor’.
- A residual gift is a gift of all or part of your net estate.
If you are considering making a residual gift to the Royal Marines Charity, we would suggest the following wording in your will:
‘I give to the Royal Marines Charity, Registered Charity Number 1134205, of Commando Training Centre Royal Marines, Lympstone, Devon EX8 5AR, (hereinafter called the TRMC) the residue, or a …….% share of the residue of my net estate absolutely and I direct that (i) the proceeds may be used for the general purposes of the TRMC and (ii) a receipt signed by a person for the time being authorised by the Trustees of the TRMC shall be a good and sufficient discharge to my Executor’.
- A specific gift is a gift that need not be in the form of money. It enables you to leave specific assets such as property, stocks and shares or other valuables if you so wish.
- A reversionary gift (otherwise known as a Will Trust) is in effect a postponed gift. By making a reversionary legacy, this gift allows you to leave your estate, or part of it, in trust for the benefit of a particular person during their lifetime. They benefit from using the assets, or receiving the income from them, during their life. On their death, the assets pass to other chosen beneficiaries (called reversionary beneficiaries) such as the Royal Marines Charity.
- A contingent gift depends upon the occurrence of an event which may or may not happen. An example is a bequest to a charity which applies only if other beneficiaries named in the Will die before the testator (the person who made the Will).
Considerations when writing your Will
When writing your Will, simple wording errors can cause confusion and delay in carrying out your wishes. The Royal Marines Charity always strongly advises that legal guidance from a solicitor is sought before writing or amending a Will.
In order to work out what you wish to leave, you first need to understand what assets you have to leave as your estate. Make a list of all your assets such as property, cash, investments, vehicles and any other valuable possessions. You will also need to consider any of your potential liabilities such as any outstanding mortgage or loans.
You may choose anyone, any organisation, or any charity you wish to benefit from your Will. These people or charities will become your beneficiaries. If you have any dependants you should be aware that the Inheritance (Provision for Family and Dependants) Act 1975 requires that, wherever possible, you should leave your dependants sufficient funds.
An executor is the person or persons responsible for handling your estate and making sure that your wishes are carried out after your death. An executor’s duties include ensuring that all debts, bills, funeral expenses and taxes are paid from your estate, and that all your beneficiaries receive what you intended them to inherit. Therefore it is important to choose your executor or executors carefully. You can choose a friend or family member (even if they are a beneficiary) but many people prefer a professional executor such as a solicitor. You can even choose a selection of both personal and professional executors.
Once your Will is properly signed and witnessed, it is a legal document. It is important to store your Will safely and inform your executor where it can be located. If your Will was prepared by a solicitor, it is usual for them to store the original whilst supplying you with a copy.
Finally, life moves on and significant events come and go. It’s vital to review your Will occasionally to ensure it is still an accurate reflection of your wishes. For instance, if you move house or get married, divorced, have children, or someone mentioned in your Will dies. Speak to a solicitor about the simplest way to revise your Will quickly and cost effectively.
By remembering the Royal Marines Charity in your Will you may be able to reduce the taxable value of your assets and lower the amount of inheritance tax due on your estate.
The Inheritance Tax (IHT) threshold does change from time to time but is currently set at £325,000. If the total value of your estate is above this threshold, it could be subject to IHT.
Married couples and civil partners can combine their tax allowances. This allows the surviving spouse or civil partner to benefit from any unused portion of their spouses or partner’s allowance. From 2017/18, if you leave your main residence to your son, daughter, or grandchildren, your IHT threshold increases to £425,000.
As the Royal Marines Charity is a registered charity, a gift to us in your Will would be exempt from IHT. The gift will be deducted from your estate before IHT is calculated, and so reduce the amount of IHT payable. A solicitor will be able to give more detailed advice and guidance on efficient tax planning.
There is further incentive if you can leave the Royal Marines Charity 10% or more of your taxable estate as the IHT rate charged against your estate will be reduced from 40% to 36%.
For further information please click here.
Thank you for considering leaving the Royal Marines Charity a legacy gift in your Will. We promise to use your special gift wisely to fund our charitable support and services.
We know that before considering your RM Family, you must put your loved ones first. We promise to use any gift, large or small, to help the Corps Family.
If you’d like to advise us that you will be leaving a legacy gift to the Royal Marines Charity, we promise to stay in touch with you, sharing stories and news from the people we’ve helped as well as sending you our publications and annual review.
We understand that you may not wish to tell us you will be leaving a legacy gift and we respect your privacy. We can offer you as much or as little support as you require and we promise to always give you the space to make this important decision in your own time.