After you’ve remembered those close to you, we hope you will consider leaving Age NI a gift in your will. Any amount will help us do more and make sure we are always here for the people who need us now and in the future.
When writing your will we recommend using a professional, such as a solicitor, to help. This is the best way to make sure that your wishes will be followed and your will is legally binding. You will also need to choose and executor – someone you trust to carry out your wishes after you have gone. To find someone who can help you prepare your will visit the Law Society of Northern Ireland.
Valuing your estate
Before you visit your solicitor or will writing professional it is helpful to think about the value of your assets.
The people and causes you care about
You should also make a list of all the people and causes you would like to benefit from your will. We hope that Age NI will be one of the causes you choose to support. Any amount will help us do more.
How to leave a gift to Age NI in your will
You can decide what kind or size of gift you’d like to leave. If you already have a will we can help you update it or include a codicil (PDF 153KB) which adds to your existing will.
There are 3 main types of legacy:
Residuary – this is usually expressed as a percentage of the value of your estate after all your other wishes have been met and expenses paid.
Pecuniary – this is a fixed sum, such as £500 or £5,000. It does not take into account inflation or the final value of your estate.
Specific – this means leaving something of value like an antique or piece of jewellery.
Your solicitor can help advise you on what type of legacy will best meet your wishes.
Getting it right
Your solicitor can also advise you about legacy wording but here are some examples
Wording for a residuary legacy
“I give a ...% share of my residuary estate to Age NI, 3 Lower Crescent, Belfast, BT7 1NR (registered charity number XT14600) for its general charitable purposes. I direct that the receipt of the Treasurer or other proper officer shall be a full and sufficient discharge for the said gift”
Wording for a pecuniary legacy
“I give the sum of £... (amount in figures and words) to Age NI 3 Lower Crescent, Belfast, BT7 1NR (registered charity number XT14600) for its general charitable purposes. I direct that the receipt of the Treasurer or other proper officer shall be a full and sufficient discharge for the said gift”
Inheritance Tax (IHT) is payable if your taxable estate is worth more than the IHT threshold. For the 2015/16 financial year the IHT threshold has been retained at £325,000. Most estates are not worth enough for IHT to be payable and so most of us don't need to worry about it.
Not all of your estate will count for the purposes of calculating IHT, for example anything left to a wife, husband or civil partner is taken off the value of your estate providing you are both permanently resident in the United Kingdom. There are also exemptions for certain gifts, such as any gifts to charities. The value of non-exempt gifts during the previous seven years may be taken into account in whole or in part depending on how recently the gift was made. This is so that people cannot avoid paying IHT by giving away their estate before they die.
Further information about Inheritance Tax can be found in the Customer Guide to Inheritance Tax on the HM Revenue and Customs website or by calling the Probate and Inheritance Tax helpline on 0845 30 20 900.