Making a Will
We recommend using a will-writing professional such as a solicitor. Preparing a will is not a difficult or expensive process and could save your family a lot of time and expense later. A good place to start is the Society of Trusts and Estate Practitioners (STEP) or the law Society for England and Wales. They will all supply you with a list of people who can help you in your area. When talking to a professional you may wish to have made a note of your assets and the approximate value of any particularly valuable items.
Remember it’s never too early to start writing a will because you can always amend it at any time in the future with a simple document called a codicil.
If you already have a will
If you are only making a limited number of small straightforward changes you can amend your existing will using a short, simple legal document called a codicil. You will need to get this witnessed in the same way as your will. A solicitor can prepare this for you at very little cost.
There may be tax benefits to leaving gifts in your will. Because NYJO is a registered charity, all gifts in wills made to NYJO are exempt from UK inheritance and capital gains tax. Depending on tax rules from time to time, if you leave more than a certain percentage of your net estate to charity, the Inheritance Tax rate on the whole of your taxable estate may be reduced. Under current rules, if you leave 10% or more of your chargeable net estate to a charity or combination of charities, the inheritance tax rate on the whole of your taxable estate is reduced from 40% to 36%.
Types of Gifts to NYJO
There are essentially two different types of gift that you can make to NYJO in your will:
- A specific sum – Here you simply state the specific amount of money that you would like to leave to NYJO. This can be as small or as large as you would like.
- A gift of the whole or a proportion of the residue of your estate – This is where you leave what remains of your estate after all the other and specific gifts and legacies that you want to make have been paid out. This type of gift has the added benefit of keeping its value over time because it will not be so affected by inflation.
Remember no gift is too small to make a difference
Wording to include in your will
Your solicitor can advise you on the exact wording but the following are examples of the sort of wording you could include:
Example wording for a gift of a specific sum
I give, devise and bequeath to The National Youth jazz Orchestra Limited (‘NYJO’) of 2nd Floor, 5 Vigo Street, London, W1S 3HB registered charity number 274578 the sum of £ [X -INSERT AMOUNT] (X Pounds) for its general charitable purposes and I declare that the receipt of any officer of NYJO shall be a good and sufficient discharge and receipt for this.
Example wording for a gift of the reside of your estate
Subject as aforesaid I give, devise and bequeath to The National Youth Jazz Orchestra Limited (‘NYJO’) of 2nd Floor, 5 Vigo Street, London, W1S 3HB registered charity number 274578 [the whole] [or] [enter fraction or X % (e.g. one quarter or 25%)] of my residuary estate for its general charitable purposes and I declare that the receipt of any officer of NYJO shall be a good and sufficient discharge and receipt for this
Speak to Us
Enjoy a lifetime of jazz with us. If you intend to leave a gift in your will to NYJO we would love to know so that we can thank you properly and treat you as a Friend of NYJO. We would not expect you to provide us with a copy of your will or even to tell us the details of your gift unless you would like to. If you would prefer to keep the intended gift totally confidential then of course that is your prerogative.
If you would like to notify us of your intended gift or if you would like to discuss anything to do with making a gift to NYJO, please contact our Development and Communications Manager by calling 020 7494 1733 or emailing email@example.com.
This note is not intended to constitute legal advice but only to provide preliminary guidance. We recommend that you seek your own professional legal advice if you are making a new will or amending an existing will.
Remember a Charity
You can visit the Remember A Charity website to find out more about how to leave a gift to charity when making a Will