Making a gift to Wac Arts in your Will
Wac Arts is a lively, vibrant and well-loved charity with enormous community support. Valued for the extensive range and quality of services we provide for disadvantaged and disabled young people, we need to ensure our services are well resourced to be successful.
Of the £2.5 million required each year to run our varied programmes, we need to consistently fundraise around 70% of the total. Whilst we are able to generate 30% through our own activities – primarily through the use of our building – we are left with an annual fundraising target of £1.75 million – a significant challenge in the current arts climate.
As we inevitably focus our energies on enthusiastically encouraging our supporters to become Wac Arts Backers and fundraising for the present, we are also asking that you consider helping us in the longer term by leaving a legacy or gift to Wac Arts in your Will.
If you don’t yet have a Will, we hope you will find the following information useful in taking the first steps towards securing the future for your loved ones in this way. We also hope it may help if you are thinking of remembering Wac Arts in your Will, to enable us to continue our excellent work with future generations of young people and long into the future.
Your Will is an important document as it ensures that your estate is distributed according to your wishes and to the beneficiaries of your choosing. Your estate is made up of the total of all your assets – which may include property, savings, life insurance policies or pensions – less the value of your liabilities – which may include an outstanding mortgage or credit card debts for example.
Although the value of your estate may change on a day-to-day basis, completing our guide provides an indication for you to consider how you wish to divide your assets between those you intend to provide for. These may be family and loved ones, friends or good causes that you wish to support, but always, as your personal legacy, it’s important that they represent your individual choices.
Why include Wac Arts in your Will?
Leaving a gift to Wac Arts means that your values and support for things that are important to you will continue for years to come. You or a friend may have benefited personally from the work we do and feel a gift would be a fitting repayment for this support. It may be an opportunity to help disadvantaged young people make a success of their lives in a way you didn’t feel you could afford during your lifetime.
A gift to charity is tax-free and so 100% of the amount you specify will benefit your cause. And if your estate is over the Inheritance Tax threshold, your overall liability to tax may be reduced by making gifts to charities such as Wac Arts.
How your gift makes a difference?
Legacy giving is extremely valuable to Wac Arts as it allows us to plan for the future. The following information explains how you can leave a gift for Wac Arts after all your loved ones have been provided for. It also tells you how you can make even a very small and specific donation for something you feel strongly about. Any gift, no matter how small, helps us to help young people change their world.
How do I go about making a Will?
It’s easier than you think!
Making a Will is straightforward and advisable for everyone to ensure that your long-term wishes are enacted. For reliable and professional advice in drawing up your Will, we strongly advise you to use a solicitor and we hope that the information below will help you in the process and to minimise the cost.
The first step is to calculate the total value of your net estate. To make this easier, you may download the schedule documents below, which will help you to arrive at a valuation for your estate as a whole by first totalling your assets and then subtracting your liabilities. Assets can include any property, investments and savings, pensions and life insurance policies, whereas your liabilities will be made up of commitments including mortgages, credit cards and debts.
You will then need to decide how you would like your assets and possessions to be divided among your family, friends and good causes. If at this point you decided to leave a legacy or gift to Wac Arts, or any other causes, there are different ways for you to do so:
• a pecuniary legacy – a fixed sum of money
• a specific legacy – a specific gift of an item (rather than money), such as a particular investment or piece of property
• a residuary legacy – after all your specific choices have been identified and your expenses accounted for, the remainder of your estate is known as the ‘residue’. The residue needs to be divided according to your instructions as its outcome will otherwise be determined by current law. You therefore need to outline exactly how you would like the residue to be divided between family members, friends and your favourite causes, normally as a proportion or percentage to each.
What if I already have a Will?
It is very important to keep your Will up to date. To update or make changes to an existing Will, rather than starting again, you simply add a ‘codicil’. A codicil is a separate legal document amending the original Will and we would recommend consulting a solicitor as the best way to ensure any codicil is legally binding.
Wording a legacy or codicil for a gift to Wac Arts
To ensure that there are no problems when the time comes to execute the Will, the wording used must include the name ‘Wac Arts’ and also our registered charity number which is ‘267043’.
The following wording is suggested as a guide:
‘ I give to Wac Arts, (registered charity number 267043)
• the sum of £[insert amount] or
• [insert specific gift eg. a property] or
• one [insert a share eg. 5%] share of the residue of my estate for its general purposes and I direct the receipt of the Finance Manager or other authorised person at Wac Arts constitutes full and sufficient discharge for the said legacy. ’
More information on legacy giving
If you would like further information on leaving a legacy to Wac Arts, please do not hesitate to contact our Finance Team on 020 7692 5808 or email us at Finance@WacArts.co.uk.
Thank you for your support and for considering Wac Arts in your Will.
• the value of your estate and current tax thresholds
• beneficiary information
For more specific details on tax thresholds and calculating the value of your estate, we have included the attached schedule documents. These can be downloaded and used to help estimate the value of your total current estate, the associated tax implications and beneficiary arrangements.