I have already included a gift to Macmillan in my Will, but you have since changed your name – will you still receive it?
I've included a gift to Cancerbackup in my Will. Do I need to do anything?
What are the basic pieces of information I need to include Macmillan in my Will?
How do I leave a legacy?
Can I add Macmillan to my existing Will?
Do I have enough to leave a legacy?
What is the difference between a pecuniary and a residuary legacy?
What about inheritance tax?
How much inheritance tax will I have to pay?
What if my circumstances change?
I'm an executor of a friend/family member's estate, can Macmillan help?
I live abroad, is there anything else I need to consider?
I have already included a gift to Macmillan in my Will, but you have since changed your name – will you still receive it?
Thank you very much for including a gift to Macmillan in your Will. Macmillan Cancer Support has had several previous names. Please be assured that all appropriate measures have been taken to ensure that we will receive your gift, even if you have not included the most recent name. Our previous names include:
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Macmillan Cancer Relief
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Cancer Relief Macmillan Fund
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National Society for Cancer Relief
All of our previous names are listed in our previous names document on our solicitors and executors page.
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I've included a gift to Cancerbackup in my Will. Do I need to do anything?
On the 31 March 2008 Cancerbackup merged with Macmillan Cancer Support. The merger furthers the aims of both charities to ensure that across the UK everyone affected by cancer will get faster and enhanced access to high-quality information at every stage of their cancer journey.
If you have already included a legacy to Cancerbackup you do not need to change your Will.
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What are the basic pieces of information I need to include Macmillan in my Will?
The most important bits of information to include are our name, our address and our registered charity number:
Macmillan Cancer Support
89 Albert Embankment
London
SE1 7UQ
Registered charity number: 261017
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How do I leave a legacy?
Including Macmillan in a Will is a straightforward, easy and cost-effective way to support our work. It simply involves adding a short paragraph (clause) to your Will. We would always suggest that you use a qualified solicitor to assist you with this.
Please refer to our Guide to making a Will and practical resources page, where we have provided some suggested wordings for legacy clauses. If you have any specific questions, please visit our other ways we can help page. We'll be happy to answer your questions.
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Can I add Macmillan to my existing Will?
If you already have a Will, it is important that you keep it up to date. Fortunately, making changes to an existing Will is very straightforward.
If you want to add Macmillan to an existing Will, your solicitor simply attaches a written instruction, called a codicil. This must be done by your solicitor - don't make changes yourself as you may inadvertently invalidate your Will. The codicil will need the signature of two independent witnesses.
If there are a number of changes you want to make, it may be better to make a new Will, which your solicitor can help you with.
Our codicil form can be found on our practical resources page.
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Do I have enough to leave a legacy?
A common misconception is that a legacy has to be an enormous sum of money. This is not the case. Any gift left in a Will, no matter how large or how small, is important to the charities you support.
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What is the difference between a pecuniary and a residuary legacy?
The two main types of legacies that people leave are: residuary and pecuniary.
A residuary legacy is when a person leaves a percentage of their estate to a charity. This means that, however much your estate is ultimately worth, you ensures your loved ones are looked after as well as giving a gift to your chosen charity. It also means you don't have to keep altering your Will as your circumstances change.
A pecuniary legacy is a set sum of money. However, we advise that you consult your solicitor on what is best for your particular circumstances.
If you would like to calculate what you think you may have left to leave please visit the Remember a Charity website to use their wealth calculator.
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What about inheritance tax?
If the total value of your estate is over £312,000 (the threshold set for the 2008/2009 tax year), your beneficiaries will have to pay 40% inheritance tax on the amount over £312,000.
Recent reforms now allow married couples and civil partners to combine their tax allowances. This does not raise the inheritance tax threshold to £624,000 but it allows these couples to combine their individual thresholds for the tax year of their death (currently £312,000 for the 2008/09 tax year).
It will now be possible for the surviving spouse or civil partner who dies on or after 9 October 2007 to take advantage of their deceased's spouse or civil partner's unused tax free allowance on their death (i.e. on the second partner's death). For example, if the first partner died with an unused tax free allowance of £275,000, following the death of the second partner, it could be added to their tax free allowance of, say, £312,000 giving a total tax free allowance of £587,000.
Each individual's tax situation is different, and we always recommend consulting with your solicitor when making any changes to your Will. For more information regarding the changes to inheritance tax, please go to http://www.hmrc.gov.uk/cto/iht.htm
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How much inheritance tax will I have to pay?
If the total value of your estate is over £312,000, your beneficiaries will have to pay 40% inheritance tax on the amount over £312,000. This table shows how much tax they would pay at current rates:
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Net value of your estate
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Tax payable
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Remaining value of your estate
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£350,000
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£15,200
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£334,800
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£400,000
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£35,200
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£364,800
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This means that if your estate is worth over £312,000, your beneficiaries will only keep £6,000 out of every extra £10,000 that you leave. If your estate is made up mainly of property, your relatives may have to sell this in order to pay the tax.
Your solicitors will be able to help you with these and other relevant issues and show you how to keep inheritance tax liability to a minimum.
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What if my circumstances change?
One of the great things about a legacy is that it allows you to take account of any changes that may happen to your personal circumstances. With a properly worded legacy, you can be safe in the knowledge that, should your circumstances change, your Will automatically takes account of this. So you are able to look after yourself, friends and family while also knowing that you will still be doing something for your favourite charity if there is any money left over after you die.
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I'm an executor of a friend/family members estate, can Macmillan help?
Yes, please visit our page for solicitors and executors or contact us.
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I live abroad, is there anything else I need to consider?
If you own anything abroad we would always suggest that you obtain specialist advice from a solicitor.
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