Your questions answered

To make your planning easier, please find below some frequently asked questions, which may help explain the process of leaving a gift to Rockinghorse in your Will.

How do I make or change my Will?
Rockinghorse recommends that you contact a solicitor to draw up your Will. We suggest that you contact the Law Society to find a solicitor. This is an impartial and independent organisation that operates a free ‘Find a Solicitor’ service.

Call 0870 606 2555 or visit  the Law Society website. 

How can I ensure my Will is valid and accurate?
It is always best to have your Will drawn up by a solicitor to ensure that it is valid and accurate.

How much will it cost me?
It usually costs up to £200 to make a Will but solicitors and Will writers fees may vary.

Will my loved ones need to pay inheritance tax?
Yes, if the value of your estate is over £325,000 (figure supplied by HM Revenue and Customs for 2010/11) your loved ones may have to pay tax of 40%. Remember, the value of your estate also includes the value of any property you own. Any gift you leave to Rockinghorse is tax free, and such gifts are deducted to from your estate before inheritance tax is calculated. Click here to find out more about inheritance tax or speak to your solicitor.

What kind of gift can I leave?
There are three types of gift that you can leave in your Will.

1.      Specific bequest
This is a gift of property or an item such as an antique.

2.      Pecuniary bequest
This is a set amount of money.

3.      Residuary bequest
This is a gift of all or part of what is left of your estate after taxes and debts are paid and all other legacies have been distributed.

Rockinghorse is grateful for any gift you are able to give. However, a residuary bequest ensures that your family are provided for first and Rockinghorse will receive much needed funds to ensure that we can work with confidence and keep making life better for children in Sussex.

Legal terms explained
Beneficiary  - Any person or organisation that receives a gift in a Will

Bequest/legacy/ - a gift in a Will

Codicil – an addition or change to an existing Will

Executor/Executrix – the person you ask to make sure that wishes in your Will are carried out

Inheritance tax – the tax levied on your estate (including the market value of your house when you die)

Residuary bequest – a gift of what is left over – or a proportion of it – after all the other specific gifts have been made from an estate

Pecuniary bequest – a gift of a sum of money in a Will

Specific bequest – a gift of a particular item in a Will

For more information, please email Allie Polhill or call 01273 330044.