Leaving a gift to SOAS in your Will
What type of gift is best?
Any gift you give to SOAS will make a difference. Leaving a residuary gift is popular with many people because it takes care of their family first and remains proportional to the value of their estate by keeping pace with inflation. But any gift, large or small, can make a huge difference.
Who should act as an executor of my Will?
Executors are the people who will carry out your wishes in accordance with your Will. You can appoint anyone you like – perhaps a close friend or family member – but make sure you ask them first. Some people prefer to appoint a professional executor, like a bank or solicitor, but we advise you to be aware of the amount they’ll charge for this service before you decide.
How do I choose my solicitor?
If you live in the UK, you can find details of solicitors in your area specialising in Wills by searching the Law Society website www.lawsociety.org.uk or calling their general enquiries line on +44 (0)20 7242 1222.When deciding on a solicitor, we suggest that you ask how much they would charge for preparing your Will or Codicil and for dealing with your estate if appointed as executor.
Do I need to draw up a new Will?
If you do not wish to alter your existing Will other than to include a gift to SOAS, you can amend your Will by preparing a document called a Codicil. We recommend that you consult a solicitor to ensure that the Codicil is valid and your wishes will take effect.
Can I save tax by leaving a gift to SOAS?
A gift to SOAS in your Will is tax-exempt and this may save some of the tax your executors would otherwise have to pay. However, as tax is a complex area of law, we recommend you take specialist independent advice.
What is Inheritance Tax?
Inheritance Tax is the tax payable on the estate you leave in your Will. To find out more, click here.
Can I choose how my legacy is used?
Yes you can. Please call our Legacy Officer on +44 (0)20 7898 4041 to discuss how you would like to be remembered. Alternatively, you can direct your gift to be used wherever it is needed most.