A Legacy Gift

Honeypot’s promise to you

When you leave a legacy or bequest to The Honeypot Children’s Charity, our promise to you will never change. 

• Our professional Wills and Bequest Department will liaise closely with your executors, solicitors and family members to ensure that they receive the information and help they need to efficiently administer your legacy.

•  Your legacy will be used to provide life enhancing services for young carers that positively transforms their lives.

•  You will be kept fully informed during your lifetime of how Honeypot’s services are benefitting young carers. If you prefer no contact during your lifetime, we will ensure your wishes are fully respected.

• Your personal details will be kept entirely confidential. We never share information about you or your legacy with third parties.

•  Your generosity will never be forgotten. We will treat your legacy or bequest as a lasting memory of your commitment to future generations of young carers.

• There will always be a member of our Legacies and Bequest Team available to help you with any matter or question you may have.

Matters you like to consider

A Legacy or Bequest is a promise of support for the future. There are important matters you might like to consider and seek advice about to ensure your wishes are fulfilled.

While our Legacies and Bequests team is unable to offer legal or financial advice, we are happy to answer any questions about legacies in general. Below we list a few key issues you may want to consider.

Make a Will

Without a will there are very complicated legal rules as to who inherits, and your favourite charity and friends may receive nothing.

Use a solicitor

You can write a will without a solicitor. This is generally not advisable as there are legal formalities you need to follow to make sure your will is valid.  A mistake could prevent your wishes being carried out to the letter.

What your solicitor will need to know

Once you appoint a solicitor, they will need the following details from you:

• What you own. Details of everything you own, including property, cars, personal valuables, stocks and shares, bank accounts, insurance policies, businesses you own and pensions. A detailed list of all these items is called an Inventory of your Estate.

• Who gets what? Who do you want to leave these assets to?  How do you want to divide your property between your loved ones, friends, and charities?

Specific items left for a named family member, friend or charity is called a Bequest.

A fixed sum of money, £1,000 for instance, left to a named person is called a Pecuniary Legacy.

A Residual Legacy is when the remaining assets in your Estate are left to a certain person or people or charity. These beneficiaries will receive the “residue”of the Estate, which is the net balance after tax, debts and other legacies have been paid. If you are leaving the residue to more than one person, you will need to say what proportion each person should receive.

A Charity Legacy can be any of the above, but it has the added advantage that any kind of Legacy left to a charity is tax exempt and may reduce the amount of inheritance tax payable on your estate.

Other wishes.

Do you have any wishes for your funeral? Do you want to be buried or cremated? Are there any other instructions? For example, if you want to be an organ donor, this can be included in your will or if you wish to provide in a specific way for the care of a beloved pet, you can also state this in your will.

Executors of your will.

You must also name the people you want to appoint as ”executors”of your will – the people who carry out the administration of you will after your death. These could be friends or family members, or a professional, such as your solicitor. Make sure you ask your executors whether they are happy to take on this duty as there are long-term responsibilities involved, particularly if you include a trust in your will.

Signing the will

Once the will has been drawn up it is not effective until it has been signed. There are several rules affecting the signature process which, if not followed correctly, will make your will invalid. For example, witnesses and their husbands, wives and civil partners cannot benefit under the will. Many people use staff at their solicitor’s office to act as their witnesses to avoid this problem.

Where to keep the will

It is important to keep your will in a safe place and tell your executors, a close friend or relative where it is. People often ask their solicitor to store their wills for them. Most solicitor will do this for free, but sometimes there is a small fee.

Keeping your will up to date

You should review your will at least every five years and after any major life change such as getting divorced, married, or separated, having a child or grandchild, or moving to a new house. It is best to deal with any major changes by getting a new will draw up.  It is possible to make minor changes (codicils) to your existing will. In both cases it is best to consult a solicitor.

Costs

Charges for drawing up a will can vary between solicitors. They also depend on the experience and knowledge of the solicitor, and how complicated your will may be. Before you decide who to use, check with a few solicitors to find out how much they charge. However, you should remember that cost should not be the only consideration. It is equally important to find a solicitor who is approachable and whose advice you understand.

Finding a solicitor

You might want to look for a solicitor who is a member of the Law Society’s Wills and Inheritance Quality Scheme. By choosing a member of this scheme, you can be sure that your solicitor meets the high standards set by the Law Society.You can find details about the scheme at  www.lawsociety.org.uk/willsinheritance

Contact us

If you intend to include or have already included a gift to the Honeypot in your will, or if you would like to know more about the Honeypot Children’s Charity before deciding to leave a gift in your will.