Last year, legacies and gifts in wills helped us care for 69 people in our specialist In-Patient Unit. Funding remains a challenge for many hospices across the nation, but legacy income is an important and growing source of funding. Charities, especially hospices like us, have an enormous opportunity to attract a significant amount of this legacy income.
It’s so important to have an up-to-date Will. It’s the only way you can ensure your lasting wishes are honoured and your loved ones are cared for. It can be a stressful process when considering a Will, so we have put together a Legacy Guide to make things a bit more simple. The guide includes details on planning your Will, the needs of family and loved ones, and even recommended wording where you can fill in the important bits yourself.
What is a Will?
Your will helps guide people with what you want to happen to your money and assets when you die. All of these things together make up your estate which can be distributed to whoever you choose, from your children to family and friends. Anyone over 18 can make a will. It can be used to outline your lasting legacy within your family and community. If you decide not to leave one, the government will decide how your estate is used and you have no control over your legacy.
How to make a Will?
We've partnered with expert will writers Octopus Legacy, to make giving a gift in your will to Teesside Hospice even easier.
Choose the solution for you:
- Write your will online - Octopus Legacy Will Writing Service
- Book to write your will over the phone: when you call 020 4525 3605
- Book a face-to-face meeting when you call 020 4525 3605
We also have our free online Will Planning Checklist as a basis to start your Will.
Who will be the Executors?
The person(s) who will be responsible for the legal and financial aspects of your estate.
Who will be the Guardians?
The person(s) who will be responsible for Children legally.
Who will be the Beneficiaries?
The person(s) or organisations who will be given a specific gift from your estate such as money, land or property.
Who will receive the Residue?
The rest of your estate once all specific gifts have been made and debts paid off.
What can you gift in your final wishes?
Residual Legacy
We understand that family comes first during a difficult time. A residual legacy means that after making provision for your family, you can dedicate anything that is leftover to us, or in combination with other organisations.
Pecuniary Legacy
Deciding to leave a specific amount of money to us can be done by informing your solicitor that you would like to make a “pecuniary bequest”. This is presented as a fixed sum, which can lose value over time. However, if you choose to link the monetary gift to the Retail Price Index (RPI), the value can be maintained.
Pecuniary Legacy Deciding to leave a specific amount of money to us can be done by informing your solicitor that you would like to make a “pecuniary bequest”. This is presented as a fixed sum, which can lose value over time. However, if you choose to link the monetary gift to the Retail Price Index (RPI), the value can be maintained.
Specific Gifts
If you want to leave a gift, but money is something you cannot give, you can leave specific items such as jewellery, shares and property to us. There are many shops across Teesside and online, with skilled team members to make sure we really get the value your items are worth.
FAQs
What if i decide to change my mind?
A will is one of the most personal documents that you will ever complete in your lifetime. Therefore, you have full control and are free to change your mind at any time. You do not need to let us know if you change your mind, just contact your will service provider.
Is will writing time consuming?
Will writing does not have to be a lengthy process. It all depends on the amount of drafts, but it can be done within 10 working days. Naturally, more complex wills take longer, however, it’s important to take the necessary time for such an important document.
Does my Executor need to be involverd in will writing?
No, your will is your own private legal document. Some people may choose to have their Executor involved, but usually they are just involved where they have been appointed. You may also wish to detail this information within a letter stored with the will.
Can i have a say in how you use my gift?
Of course. We understand that you may want to leave a gift in your will for a particular service close to your heart. Although, we encourage gifts to be left unrestricted, to use the money freely when it is needed most.
Your gift to Teesside Hospice could help us fund:
Preparing a will is one of the most important steps you can take to protect the future of those you love. By putting your wishes in writing, you ensure that your family is cared for, your assets are distributed as you intend, and charities close to your heart are supported.
Because we care about you and your wishes, we invite you to consider leaving a legacy to us. At Teesside Hospice, it costs £6 million annually to run our services – that’s almost £17,000 every 24 hours. Last year, we received £897,100 in legacies, which equates to 14% of our income donated by people leaving a gift in their will.
If you have any questions about leaving a gift to Teesside Hospice in your will, please contact us at 01642 811140. For more information about taking control of your legacy, please contact our team and receive your free legacy and wills guide or download our digital guide here.
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Whether you want to talk to one of our professional staff or find out how you can get involved, please get in touch.