Legacy information

Remembering The Passage in your will

If you have not made a will, it would be sensible and caring to do so in order to make provision for family and friends and, if you wish, give to those in need. When you have decided who should benefit from your estate, it is advisable to consult a solicitor, who will help you to ensure that your wishes are clearly expressed in your will.

If you do not make a will, your estate will be distributed under the rules of intestacy. Those who will benefit may not be those you would have wished.

Adding a codicil

If you have made a will, it is easy to make a bequest to The Passage by adding a codicil. This is an amendment to or addition which must be signed and witnessed like a will. Wording A, B or C below may be adapted but it is advisable to consult a solicitor.

Inheritance tax

Inheritance tax is imposed on estates which, after expenses, are valued in excess of £312,000. Legacies to a surviving spouse or civil partner and to charities including The Passage are exempt from inheritance tax.

Ways of giving

There are three ways of leaving money to The Passage:

1. A general legacy. This can be any sum of money or your investment in stocks and shares, or monies in a particular bank or building society, and can be given before your residuary estate is calculated. See wording A.

2. A percentage or fraction of the residuary estate. Once all other gifts have been distributed, the remainder of your property can be shared in the proportions you stipulate amongst the people and charities you name. See wording B.

3. Proceeds of the sale of specific assets. Houses, arts /objects, jewellery, books and other effects can also be given in your will. Since The Passage has no convenient facility for disposing of these items it is best to instruct your executors to sell the assets and pass the proceeds to The Passage. See wording C.

Wording A

I give the sum of . (amount) or (list of stocks and shares) to The Passage, registered charity number 1079764 of St Vincent's, Carlisle Place, London SW1 P INL to be applied to the general purposes of the said charity and I declare that the receipt of the Treasurer for the time being of the said charity shall be sufficient discharge to my Executors for the same.

Wording B

I give (percentage/fraction) of my residuary* estate to The Passage registered charity number 1079764 of St Vincent's, Carlisle Place, London SW1 P INL to be applied to the general purposes of the said charity and I declare that the receipt of the Treasurer for the time being of the said charity shall be sufficient discharge to my Executors for the same.

* Residuary estate is the term used for the value of what you are leaving after other legacies which you have specified have been paid and expenses deducted.

Wording C

I instruct my executors to sell for the best possible price the following (list items) and to give the net proceeds free of all tax to The Passage registered charity number 1079764 of St Vincent's, Carlisle Place, London SW1 P INL to be applied to the general purposes of the said charity and I declare that the receipt of the Treasurer for the time being of the said charity shall be sufficient discharge to my Executors for the same.