The different types of gifts you can leave in your Will
A specific gift is something like jewellery, stocks and shares, or a property
Residuary gift
After you have provided for your family and friends, you can leave a share, or the remainder of your Will to help beat cancer. It’s known as a ‘residuary’ gift’ and is likely to be the most valuable way to give to charity.
If you’d like to leave a residuary gift, here’s some suggested wording to put in your Will:
‘I give [...]% of the residue of my real and personal estate to Cancer Research UK (Registered Charity in England and Wales (1089464), Scotland (SC041666), Isle of Man (1103) and Jersey (247)) of 2 Redman Place, London, E20 1JQ and the receipt of the Honorary Treasurer or the proper officer for the time being of Cancer Research UK shall be a complete discharge to my executors.’
Pecuniary gift
This is a specific amount of money given in a Will. Otherwise known as a ‘cash gift’.
If you’d like to leave a pecuniary gift, here’s some suggested wording to put in your Will:
‘I give the sum of [...in words] pounds [£..in figures] to Cancer Research UK (Registered Charity in England and Wales (1089464), Scotland (SC041666), Isle of Man (1103) and Jersey (247)) of 2 Redman Place, London, E20 1JQ and the receipt of the Honorary Treasurer or the proper officer for the time being of Cancer Research UK shall be a complete discharge to my executors.’
Index-Linked Pecuniary gift
This is a specific sum of money linked to the index of retail prices. This means any amount pledged would keep its value in line with any possible inflation increases. If you’d like to leave this type of gift, here’s some suggested wording:
“I give to Cancer Research UK (insert registered charity number*) of 2 Redman Place, London, E20 1JQ for their general charitable purposes such sum (the legacy) as shall be produced by multiplying [amount in words] pounds (£… [amount in figures]) by the index figure in the Retail Prices Index for the month immediately preceding my death and dividing by the index figure for the month in which my Will is signed.”
Specific gift
A specific gift is something like jewellery, stocks and shares, or a property.
If you’d like to leave a specific gift, here’s some suggested wording to put in your Will:
‘I give to Cancer Research UK (Registered Charity in England and Wales (1089464), Scotland (SC041666), Isle of Man (1103) and Jersey (247)) of 2 Redman Place, London, E20 1JQ absolutely, my [...name and description of item].’
Edd’s pledge
“One third of Cancer Research UK’s funding comes from gifts in Wills. It is very humbling to think that people are generous enough to leave a gift in their Will to Cancer Research UK. It enables and has enabled major new discoveries in cancer research, resulting in new therapies that are making people cancer free today and will have a legacy for future cancer patients and their families.”
Edd, Scientist, Southampton
Other types of gifts you can leave
A gift in trust
You can leave a gift for someone to use over a period of time. When the time has ended, the gift can be passed on to another recipient, such as a charity. This is known as a ‘life interest’.
A conditional/contingent gift
This is a gift that’s made only if another event happens first. For example, your Will could state that a gift only applies if all other beneficiaries named in your Will die before you do.
We recommend asking a solicitor about gifts in trust, life interests, and conditional gifts, to make sure the wording is correct.
What is inheritance tax?
Inheritance tax is the amount of money that will need to be paid from your estate if it’s over a certain value. This amount may change in the future and there are exemptions and benefits available to married couples and civil partners. Please talk to a solicitor for more information. You can also visit the HMRC website to find out more at hmrc.gov.uk
Minimising inheritance tax liability
As well as gifts in Wills to charity being 100% tax-free, they can also reduce the amount of inheritance tax that the rest of your estate will pay. If you give at least 10% of your taxable estate to charity, the inheritance tax rate for the rest of your estate will be reduced from 40% to 36%. If this is something you may consider, we recommend that you speak to a Solicitor or HMRC for further advice and information.
Val’s pledge
“Leaving a gift in my Will allows the research to carry on after I've gone. It means I'm still fundraising, and that they're still researching using the money that I've raised."
Val, Pledger, Birmingham