Legacy

Mind in Barnet is a local mental health charity affiliated to national Mind. Our aim is supporting people with mental health problems as they move towards a better life in society by:

  • Promoting the dignity, well-being and self-determination of people experiencing mental distress
  • Campaigning for social inclusion and combating stigma and discrimination experienced by people with mental health problems
  • Ensuring active service user consultation and involvement in the organisation at every level
  • Nurturing and developing our staff to enhance both their job satisfaction and the delivery of effective quality services

Wills

A Will is a legal document setting out your wishes with regards to the disposal and distribution of your assets, property and estate when you die.
When considering making a Will it is best that a Solicitor with professional expertise draws up your Will to guide you through the necessary steps in ensuring that your Will is valid.

Why Make A Will?

Making a Will is straightforward, simple and the only sure way of protecting the future of your family, friends and the Charity you support. It gives you piece of mind about what will happen to your assets, property and estate on your demise. A Will has the advantage of reducing Inheritance Tax payable after your death.

If You Do Not Have A Will (intestate)

The law decides who will receive your possessions when you die. If you are married or in a civil partnership and die intestate your surviving spouse/civil partner will not inherit everything. Your brother, sisters and parents may make a claim. If you are not married but living with your partner and die intestate your partner receives nothing. If you have stepchildren they will get nothing from your Estate if you die intestate unless you make provision for them in your Will to inherit as your natural children would.
Provided you are over the age of 18 (12 in Scotland) you can make a Will.
To help you make your Will the following are examples your Solicitor might use.

If you do not have a Will (“intestate”)

In the event of your demise the law decides who will receive your possessions. If you are married or in a civil partnership and die intestate, your spouse/civil partner ill not inherit everything. Your brothers, sisters and parents may make a claim. If you are not married but living with your partner and die intestate, your partner receives nothing. Further if you have stepchildren they will receive nothing from your Estate if you die intestate. Stepchildren need to be protected and named in the Will of their step parent, if that step-parent wishes them to inherit as their natural child would.

If you have a Will

You can add, resume or change it by using a Codicil form.

Legacies

Legacies are a vital source of income for all Charities. They are a tax free gift to Charities. In addition to making provisions for your family in your Will you may consider making gifts (legacies) to a Charity of your choice like Mind in Barnet. All the money we receive from all sources are used to benefit service users and legacies however big or small help us plan for the future. It is important that our supporters who decide to leave a legacy to Mind in Barnet let us know their intentions.
To help you make your Will the following guide are some of the examples your Solicitor might use when you leave a legacy to Mind in Barnet.

Residuary Legacy

“I GIVE the whole of my Estate (x% of the residue of my Estate) after payment of my funeral, testamentary expenses and debts to my (Executor(s)/Trustees) UPON TRUST for Registered Charity Number 295701 and its general charitable purposes absolutely (and I DIRECT that the shares given by this clause shall be such shares as before the deduction of any Inheritance Tax and other fiscal impositions attributable to them respectively are of equal value) and I (further) direct that the receipt of the Treasurer for the time being or other duly authorised officer of the Mind in Barnet Fund shall be sufficient discharge to my (Executor(s)/Trustees)”.

For a Pecuniary Legacy (a sum of money).

“I GIVE to Mind in Barnet Registered Charity Number 295701 the sum of xx pounds £xx free of Inheritance Tax for its general charitable purposes and I direct that the receipt of the Treasurer for the time being or other duly authorised officer shall be sufficient discharge to my Executor(s)/Trustees)”.

For a Specific Item of Value.

“I GIVE to Mind in Barnet Registered Charity Number 295701 for its general charitable purposes free of Inheritance Tax and other fiscal impositions and costs of transfer (description of item) for its general charitable purposes absolutely and I direct that the receipt of the Treasurer for the time being or other duly authorised officer shall be a sufficient discharge to my (Executor(s)/Trustees)”.

For a gift of Property.

“I GIVE to Mind in Barnet Registered Charity Number 295701 for its general charitable purposes free of Inheritance Tax and other fiscal impositions and costs of transfer all my interest in my property (known as ……) – (representing my main residence at my death) for its general charitable purposes absolutely and I direct that the receipt of the Treasurer for the time being or other duly authorised officer shall be a sufficient discharge to my (Executor(s)/Trustees)”.
Apart from the wish to choose whom you leave your Estate, you should also consider the following reasons whilst making a Will.

  • Divorce – If you have an existing Will, it remains valid but any appointments or gift to ex spouse/partner will lapse.
  • Guardians – If you have children under the age of 18 (16 in Scotland) you may wish to appoint specific individuals apart from your spouse as guardians.
  • Executors – You may wish to appoint specific persons whom you trust to administer your Estate upon your demise.
  • Funeral arrangements – You may state what your preferences are with regards to your funeral for instance you may wish to be cremated or buried beside your spouse.
  • Inheritance tax – You may wish to structure your Will in such a way as to reduce your tax liability.

Simple steps to making your Will

Step 1

Calculate the rough value of your money and belongings – see financial checklist

Step 2

Make a note of your wishes and the names of the people you wish to administer your estate after your death.
Before you start, it is worth noting that there is no limit on the number of gifts you can leave. Below is a list of the three main types of gift you can leave:

  • A fixed sum of money(pecuniary gift)
  • A specific item of value, e.g. an antique clock(specific gift)
  • The whole or a percentage of your Estate after your debts and other legacies has been paid (residuary gift).

People sometimes leave labels on their possessions or a list to indicate who they wish to leave them to. This is not legally binding so please do consider making a will. If you wish go through it with close family and friends so they know exactly what you are leaving to whom in your Will.

Step 3

Make a note of your executors.
Who should you choose?
It is important that when you are choosing your executors (usually two), you choose people you trust; for example, this could be a partner, best friend, adult members of your family or professional advisor (there is no reason why they should not be someone you intend leaving a legacy to in your Will).
Please remember to ask your executors first as this are quite a responsibility. They have to collect together all your assets, deal with the paperwork, pay off the debts from your Estate and make sure that everything is done in accordance with your wishes and the law.

Step 4

Make a note of any questions you need to ask your Solicitor.
When this is completed, take it to your Solicitor to help speed up the process.
There are many things that could affect your Will, which you may need to discuss with your Solicitor.
We have included a number of the most common questions here in case they apply to you, and to get you thinking about the sort of points you will need to clarify with your Solicitor.

If you have young children, who do you want to look after them in case anything happens to you?

Make your wishes clear in your Will and make sure that your nominated guardians are willing to look after the children and that your Executors know what you want.

Are you married/in civil partnership or divorced or your civil partnership dissolved?

Do you have any step-children?

What if you do not want to leave anything to your children or partner?
You are perfectly entitled to leave your Estate to whoever you choose, and to exclude your partner or children if you wish. To reduce the chances of complications arising after your death, we recommend that you give your reasons for excluding your children or partner, and that you talk the matter over with your Solicitor.

What happens to jointly held property and bank accounts?

It is best to clear this up with your Solicitor so that you know where you and your partner stand. That way you can set your mind at rest and make any necessary provisions for your share of the property in your Will.

What if you have no family at all?

Unless you make a Will, all your money and possessions will go to the Crown. To make sure that your money goes to the people or causes you care about, you need to explain your circumstances to a Solicitor and make a Will.

Who do you want to look after your pets?

You can say who you want your pets to go to in your Will, but
you should ask people first whether or not they would be willing to look after them.

Funeral Arrangements

Since this is such a sensitive subject, we would always recommend that you make your wishes absolutely clear in your Will. You should also tell your Executors and immediate family what you want. Some of the questions you may need to consider can be found in the notes you have made.

Step 5

Arrange to see your Solicitor.
Once you have followed steps 1 to 4 you are ready to make your Will.
If you do not have a Solicitor asks a friend or relative to recommend one or look through your local telephone directory to find details of Solicitors near you.
Mind in Barnet can recommend a Solicitor who could help you. Please do not be afraid to ask them how much they will charge for drawing up a Will. Prices do vary and it is worth comparing them before you make a final decision.
Once you have found your Solicitor make an appointment. If you find it difficult to visit your Solicitor’s office ask if they will visit you at home. Most Solicitors will be happy to oblige.
If you intend to leave a legacy to Mind in Barnet please let us know.
Phone our Chief Executive Officer on 020 8343 5701 and tell us that you intend leaving a gift to Mind in Barnet.

Step 6

See your Solicitor
What you will need.
When you go to see your Solicitor you will need to take the notes you made with you. You will also need a copy of the sums you made in Step 1.
What happens?
It is very straightforward. You simply sit down with your Solicitor and explain what you want to say in your Will.
The Solicitor will ask you some questions to make sure that everything is covered and you will be able to ask him or her about anything you do not totally understand.
Your Solicitor will then prepare a draft Will for you. When you have agreed that you have included everything and everyone you need to and you are sure that the Will makes your wishes clear you must sign it in the presence of two independent witnesses. That is all there is to it. Unless your Will is unusually complicated, it is all over in a couple of hours. You then have peace of mind knowing that the people and causes you care about will be provided for in case anything happens to you.

Step 7

After you have made your will it is best to review your Will every few years to accommodate the following change in circumstances:

  • Divorce
  • Separation
  • Death of a person named in your Will
  • As your assets change
  • Change in family circumstances

It is a good idea to review your Will and if necessary, update your Will every 4/5 years to ensure it is still relevant.

Alterations to a Will

It is very straightforward and you can change it whenever you like by using a document called a Codicil. A Codicil confirms a previous Will but makes provision for a few changes.

Inheritance Tax

Inheritance tax is the tax payable on your Estate (the money and possessions you leave behind) after your death. But no tax is paid unless your Estate is over the inheritance threshold currently £300,000
Even if the value of your Estate is over the threshold, there are several ways to reduce tax, so more of your money goes to those you care about. This is a complex subject we suggest that you ask your Solicitor to explain all the options to you and tell you how you can set up your Will in a tax-efficient way.
You can ask your Solicitor about making gifts that are exempt from inheritance tax or are taxed at a reduced rate. You can seek advice on “writing in trust” any life assurance policies you have to your beneficiaries. If you do this the money will go directly to them when you die, instead of being added to your Estate and therefore taxed.

A Legacy to Mind in Barnet will be tax free

If you leave a legacy to Mind in Barnet it will not be taxed because we are a Charity. for example if you leave us £10,000. in your Will, we will actually get the whole £10,000. Leaving a legacy is therefore a very tax-efficient way for you to help a Charity. If you wish to leave a legacy to Mind in Barnet please ask your Solicitor to use the precise wording detailed on the relevant pages. Please note the differences between the different types of legacy.
It would help us so much if you would also let us know about your intention so that we can make the most of your gift now and say thank you.
Making a Will whilst very sensitive is a very positive step.
Thank you for taking an interest in Mind in Barnet.
If you do have any questions please do not hesitate to contact us.
Acknowledgement – we would like to acknowledge with thanks that our guide is modelled on the Save the Children Will Guide.
Please make sure that you sign this form in the presence of two witnesses. Your witnesses should not stand to benefit themselves or be married to anyone who stands to benefit from your Will or this Codicil. They must both sign the form when you do. In order to ensure it ties in properly with your Will. We would recommend that you see your Solicitor. Once completed this Codicil must be kept with your Will.

Codicil

By this first (or appropriate number) ……………………………………………………………… Codicil to the Will dated …………………………………………………………………………… Of me (name) ……………………………………………………………………………………… Address …………………………………………………………………………………………….. ………………………………………………… Postcode ………………………………………… In addition to the provisions of my said WilI “I give to Mind in Barnet” 2 Schoolway, North Finchley, London, N12 0RY Charity Number: 295701 the sum of £…………………………………………/description of item/name of property……………………….. ……………………………………………………………………………………………………… for its general charitable purpose and I direct that the receipt of the Treasurer for the time being or other duly authorised officer shall be a sufficient discharge to my executors/trustees. In all other respects I confirm my said Will (and Codicil thereto) and my previous Codicils, dated ………………………………………………………………………………………………………………………………………… Signed …………………………………………………….Dated ………………………………….. The witnesses should fill in this section Signed by the above named in our joint presence and then by us in his/hers. 1st Witness ………………………………………………………………………………………….. Address …………………………………………………………………………………………….. …………………………………………………………… Postcode ……………………………… Occupation ………………………………………………. Signature …………………………….. 2nd Witness …………………………………………………………………………………………. Address …………………………………………………………………………………………….. …………………………………………………………… Postcode ……………………………… Occupation ……………………………………………… Signature ………………………………
Financial Checklist Your assets Home (current market value) £………………. Other properties £………………….
Money: Bank £……………………. Building Society £…………………
National Savings £…………………. Premium bonds £……………………
Other £…………………… any money you are owed £……………………
Business Assets Including shares in private companies) £……………….
Investments: Life insurances (if applicable) £……………. Stocks and shares £………………
Pensions £……………. (lump sums payable on death)
Car/motorbike/caravan etc. £……………………….
Other possessions £……………………….
Other assets passing as a result of your death £…………………..
TOTAL A £…………………
What do you owe?
Mortgage outstanding* £…………… Overdraft £……………………..
Loans £………………. Other debts £…………………….
TOTAL B £………………….
*In many cases the mortgage will be repaid on death by the proceeds of a Life Policy taken out for this purpose.
Deduct TOTAL B from TOTAL A to arrive at the NET VALUE OF YOUR ESTATE £………………………..

Pledge Form

– private and confidential
If you have already left a legacy to Mind in Barnet in your Will, or intend to do so now, please let us know by completing this pledge form.
Your pledge is confidential.
This pledge is not legally binding and does not commit you to leaving a legacy to Mind in Barnet. It is simply a statement f your intent at this time and any information you give to us is totally private and confidential. By returning this pledge, you are helping Mind in Barnet to make important plans. It enables us to look to the future with confidence and security, helping both our emergency and long-term programmes.
Keeping us in touch.
Should your circumstances change in the future, you may wish to change your legacy to Mind in Barnet. Should this happen, please let us know.
Please complete as many details as you wish.
I have already left/am now leaving * a legacy to Mind in Barnet
My gift will be in the form of ………………………………………………………………..
(an indication of your gift value would be helpful to us)
– The whole of/or a share in*, my Estate ……………………………………………………………
– A fixed sum of money ………………………………………………………………………………
– An item of property ………………………………………………………………………………..
*Delete as appropriate
Name (Mr/Mrs/Miss/Ms/Other ……………………………………………………………………..
Date of birth …………………………………………………………………………………………
Address ………………………………………………………………………………………………
……………………………………………… Postcode ……………………………………………
Thank you for your help.
Please return this Pledge form (marked private and confidential) to:
Mind in Barnet, 55 Christchurch Avenue, London N12 0DG.
Mind in Barnet is a registered Charity number: 295701.