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LEGACY GUIDE
Charity name:  Mary Ward Loreto UK
Registered charity no: 1192478
Registered office: 6 Albert Street, Durham DH1 4RL

Inheritance Tax and How to Minimise It

It isn’t just rich people whose families have to pay Inheritance Tax. If your assets exceed a limit set by HMRC your estate may have to pay tax.  Inheritance tax is charged at 40% on assets in excess of the nil rate band of £325,000. This means that, for an estate worth £500,000, the first £325,000 would be charged at 0% but the remaining £175,000 would be subject to tax at 40% which would mean a tax bill of £70,000.

You can avoid or reduce this tax. One method is to leave a legacy to a registered charity such as Mary Ward Loreto UK which would be completely tax free and so would reduce your tax bill overall.  An additional tax saving can be made if you leave 10% or more of your estate to charity. If the gift to charity is more than 10% the overall rate of inheritance tax charged will reduce from 40% to 36%.  So, with assets of £500,000, if you left a legacy of £55,000 (representing more than 10% of the estate) to Mary Ward Loreto UK, not only would you be supporting your chosen good cause you would also make a tax saving of £26,300 which would pass directly to your loved ones rather than the taxman.

To make sure your wishes are followed you should include a gift to a charity such as Mary Ward Loreto UK in a valid will or, if you have already made one, review it regularly to make sure it is up to date.  Thank you and we do hope you will choose to remember Mary Ward Loreto UK in your will.

About Us

Mary Ward Loreto Albania Foundation was co-founded by Sister Imelda Poole in 2012. Since then, MWL has developed an expert network of partners to support victims of human trafficking in Albania or on their return from a destination country.

Often in the face of adversity, or even at risk of personal threat, MWL has remained committed and determined to protect and support some of the most vulnerable who have been ‘traded as a commodity’ by despicable criminal gangs. 

MWL Foundation is widely recognized as a trusted and impactful organization in Albania, working across regions to advance women’s empowerment, social integration, and well-being.

Help us save more lives.

How to

Mary Ward Loreto UK has created this guide on how to make a Will.

Please note that we recommend that you consult a solicitor when you are making a Will, but we hope this guide will give you a good idea about how to put your Will in place.

 

 

How do I leave a legacy to Mary Ward Loreto UK?

The text below provides ways to leave a legacy to Mary Ward Loreto UK. Your legacy will directly contribute to saving more lives and restoring freedom to victims of human trafficking. 

How do I leave a legacy to Mary Ward Loreto UK?

Gift of the residue of your estate

The “residue” of your estate is what remains when gifts of specific assets or cash, funeral costs and tax have been accounted for. Many people find a residual legacy the most convenient way to leave a gift to charities like Mary Ward Loreto UK, as your gift would only come to us after your friends and family have been provided for.

If you would like to bequeath a percentage of your estate to Mary Ward Loreto UK, you could include this wording in your Will:

“I GIVE to Mary Ward Loreto UK, Registered Charity no: 1192478 of 6 Albert Street, Durham DH1 4RL __________% of my residuary estate, and I direct that a receipt from the treasurer, or other apparently appropriate officer, of Mary Ward Loreto UK shall be a full and sufficient discharge for such legacy.”

Specific cash gift

If you would like to make a cash gift of a specific amount to Mary Ward Loreto UK, you could include this wording in your Will:

“I GIVE £[AMOUNT] to Mary Ward Loreto UK, Registered Charity no: 1192478 of 6 Albert Street, Durham DH1 4RL and I direct that a receipt from the treasurer, or other apparently appropriate officer, of Mary Ward UK shall be a full and sufficient discharge for such legacy.”

Specific gift of property other than cash

If you would like to make a gift of a specific item of property (such as shares, jewellery or your car), you could include this wording in your Will:

“I GIVE all my freehold/leasehold property known as [NAME OF PROPERTY, ADDRESS OF PROPERTY, HM LAND REGISTRY REGISTRATION NUMBER] to Mary Ward Loreto UK, Registered Charity no: 1192478 of 6 Albert Street, Durham DH1 4RL and I direct that a receipt from the treasurer, or other apparently appropriate officer, of Mary Ward Loreto UK shall be a full and sufficient discharge for such legacy.”

“I GIVE [FULL DESCRIPTION OF SPECIFIC ITEM OF PROPERTY] to Mary Ward Loreto UK, Registered Charity no: 1192478 of 6 Albert Street, Durham DH1 4RL and I direct that a receipt from the treasurer, or other apparently appropriate officer, of Mary Ward Loreto UK shall be a full and sufficient discharge for such legacy.”

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How to make a Will

You should make a Will as soon as possible and review it regularly to see if it needs updating.

List your assets

First create a list of everything of value that you own.  This will help you work out how much your estate is worth.

Those you care about

Then make a list of the people you would like to provide for and remember in your Will. Make a note of any item you would like to leave a particular person, such as a piece of jewellery or a painting. Once you are sure that your family and those you care about have been properly provided for, there might be organisations you would like to remember, such as Mary Ward Loreto UK.

Executors

It is important you appoint people to act as your “executors”. They will be responsible for ensuring that your wishes and instructions in your Will are properly carried out. You can choose close friends or members of your family, or ask your bank manager or solicitor, although they will usually charge a fee for this.

Consult a solicitor

To create a legally correct document and ensure your final wishes are carried out, it is important you consult an expert.  If you don’t already have a solicitor follow your friends’ or family’s recommendations or carry out a search of the Law Society database of solicitors in your area.  You may want to choose a wills specialist who is appropriately qualified by searching the database of practitioners with additional qualifications provided by the Society of Trust and Estate Practitioners (STEP).

You can check the approximate cost of drafting and advising on a will by contacting the practitioner you have chosen.  Many people make a shortlist of appropriately qualified solicitors in their area and then compare the costs involved for each one before choosing which solicitor to use.

Witnesses

Once your Will is completed and you are happy with the contents, you will need to sign it in the presence of two witnesses who can, if you wish, be provided by your solicitor. Your solicitor or bank manager could safely keep your Will for you (banks usually charge for this service), but do ensure that your executors know where your Will is kept.