LEGACIES
Please would YOU consider leaving us a Legacy?
Here is a message from Liz Kingston, Chair of the Fundraising Committee and a member of the Executive of the League of Friends.
“I have left a legacy to the League of Friends because I have had to use Musgrove Park Hospital on many occasions – sometimes for serious illnesses – and I am very grateful for their care. I have been associated with the League of Friends for over 40 years.”
“When we have to visit a hospital, or our family or friends are admitted, we automatically expect the most advanced and up to-date equipment will be there for our treatment. With technology advancing at such an incredible rate, it will never be possible for the National Health Service to provide the latest technology, as we would like, so it is imperative that the League of Friends continues its hard work raising funds to purchase state-of-the-art equipment for Musgrove.”
“While there are many worthwhile health-related charities in existence to benefit patients with different problems, people always pass through some part of the hospital for diagnosis and very often treatment, so by leaving a legacy to the League of Friends, you will benefit everyone in our community who needs medical help at some stage.”
“Please would YOU consider leaving something in your will for the League of Friends? Help us to make sure your children and grandchildren will be treated at Musgrove using the best possible equipment available at the time. You never know when they will need it”.
Liz Kingston
It will not cost you anything now to leave a legacy but it could make a huge difference to patients and staff at Musgrove in the future to help provide something special that can’t be bought from the NHS budget.
First and foremost comes your family and we recommend that you speak to your legal advisor to make sure the wording of your will conveys correctly what you want to do.
If you have already made a will, all you need do is add a codicil. This is a brief document made in the same way as a will, but relating back to an existing will and making a simple addition or amendment. Again it is recommended to get legal advice but this should be cheaper than making a new will.
Most importantly please make sure the name of the charity and registered charity number are correct to avoid any confusion at a later date – as here:
Name: The League of Friends Musgrove Park Hospital
Registered Charity Number: 250797
Address:
The Treasurer, League of Friends Musgrove Park Hospital, Church Barns,
Hockworthy, Wellington TA21 0NW
Recent Tax Changes
Leaving a legacy could mean that your family pays less tax after you have gone. if you leave at least 10% of your estate to charity, Inheritance Tax on the rest of your estate will be reduced from 40% to 36%.
How much?
There are several things to consider before deciding how much to leave in your will, first and foremost what you want to do for your own family. After that, there are different ways of treating what is left, such as making:
- A Pecuniary Legacy – a gift of a set amount of money, say £100. However, if you live to a good old age, this figure could be eroded over time and not represent what you intend to leave to the charity (unless it is index-linked).
- A Residuary Legacy – the whole or a percentage of what is left after all debts and your specific family wishes have been carried out. This is often the preferred option for your favourite causes as its value is not eroded in the same way as a pecuniary legacy.
- A Specific Legacy – is a specified object such as a house, a picture or parcel of shares.
If you could leave a legacy to the League of Friends you would be investing in the future medical excellence of our local hospital, ensuring the best specialist equipment and best possible service is available for the next generation. Two separate legacies - totalling £1.5 million! - paid for the robotic surgery unit which the LoF bought. Our single biggest purchase ever. Read more about this here.
You can be sure that gifts will be used where they will benefit most at the time.
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