How do I make 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.
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.
What if I 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.
What can I give to NYJO?
There are essentially two different types of gift that you can make to NYJO in your Will:
- A specific sum: Here you 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: Here 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.
What are the benefits of leaving a gift in my Will?
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%.
What should I include in my Will?
A solicitor can advise on the exact wording. The following are examples of the sort of wording you could include:
1. 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.
2. 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
Get in touch
If you plan to leave us a gift in your Will, we would love to thank you by awarding a Friend Membership of NYJO.
You don’t need to provide us with specific details, all you need to do is let us know your intention.
Of course, we understand if you would prefer not to notify us. Either way, we are sincerely grateful for your support.
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 firstname.lastname@example.org.
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
Remember A Charity provides more information on how to leave a gift to charity when making a Will