Leaving a Legacy

 

 

A gift to The Prison Phoenix Trust in your will could transform lives in prison, bringing peace and the possibility of change to communities in the future.

By remembering us in your will, you’ll help to train prison yoga teachers of the future and bring accessible, non-judgemental guidance to people in prisons across the UK and Ireland.

If you’re thinking of leaving a legacy, here are some frequently asked questions:

How do I leave a gift in my will?

The process of making or updating a will is quite straightforward but it is best to seek legal advice. A legal professional has the expertise to ensure that the wording of your will clearly expresses your wishes and that it is legally valid.

Before your appointment, make two lists: one of your assets – things like property, shares and objects of value – and one of people and causes you wish to leave something to.

How do I find a solicitor?

Remember a Charity has a useful directory.

What information should I include to leave a gift to The Prison Phoenix Trust?

If you decide to remember The PPT in your will, ask your solicitor or will-writer to use our full name, The Prison Phoenix Trust CIO, and quote our charity number, 116558.

You may find it helpful to take this wording with you to incorporate into your will: “I give the sum of £_________ [or specify percentage of estate] to The Prison Phoenix Trust (registered charity number 116558), of PO Box 328 Oxford OX2 7HF  for its general purposes and I declare that the receipt of the honorary treasurer or other proper officer of the said The Prison Phoenix Trust CIO for the time being shall be a full and sufficient discharge for the said legacy.”

What kind of gift can I make?

A pecuniary gift is the gift of a specified sum of money. It is worth noting that because of inflation the eventual value of this type of gift can be affected significantly over time.

A residuary gift is where you set aside a portion or all of your remaining estate – known as the residue (what is left over after the payment of debts, funeral expenses and the costs of the administration, and after all the specific and other gifts in the Will have been paid) – for, or to be divided between, named beneficiaries such as your relations or a charity.

Will my tax situation be affected?

Inheritance Tax is usually paid on an estate when somebody dies. It is also sometimes payable on trusts or gifts made during someone’s lifetime. Many estates don’t have to pay Inheritance Tax because they’re valued at less than the threshold (currently £325,000). The tax is payable at 40% on the amount over this. The estate can pay Inheritance Tax at a reduced rate of 36% on some assets if you leave 10% or more of the net value to charity in your will.

So if you leave a charitable gift, it will be deducted from your estate before any Inheritance Tax liability is calculated. To find out more visit the HMRC website.

Do I have to let The PPT know I’ve left a gift in my will?

Your will is a personal document and you’re under no obligation to tell us anything. But if you do feel comfortable sharing your intentions with us, we would really like the opportunity to say thank you!

What if I want to help now?

We are always really grateful for whatever we receive right now. You can give a regular or one-off gift here.

If you have any questions, please talk to our Director, Selina, on 01865 512521.