Why leave a gift in your will?
As part of the Athletics for Life campaign, ATS is launching an appeal for people to leave a gift in their will. Legacies are becoming an increasingly important source of funding for charities and your gift can play a part in transforming the lives of future generations.
By pledging a gift in your will you have the potential to do something truly inspirational. Your Sporting Legacy could change so many lives and help transform our sport. Exactly what you decide to support is up to you. An unrestricted gift will allow the ATS Trustees to fund key priorities and projects for athletics. However, if you are keen to support a specific area within our sport then we can work with you to choose suitable wording to be included in your will. This will ensure that your wishes can be met now and well into the future.
What would you like to know?
A step-by-step guide
1. Choose who to include in your will
First, think about the family, friends and charities you’d like to remember in your will. Most people want to care for their loved ones first to make sure they are doing what they can to support them into the future.
If you decide you would like to remember Athletics Trust Scotland, first of all we’d like to say thank you. It’s really simple to include your gift – see below for the details.
2. What details should I use for Athletics Trust Scotland?
If you’d like to include a gift to Athletics Trust Scotland in your will, please ask your solicitor to use our full name and details to ensure the gift reaches us. These are:
Athletics Trust Scotland, Caledonia House, South Gyle, Edinburgh EH12 9DQ. Scottish Charity Number SC050143.
3. Decide what gifts you want to give
Think about what type of gifts you’d like to leave to your chosen charity or charities.
There are two main ways of leaving a gift. A pecuniary legacy is a fixed amount of money. A residuary legacy is a percentage or share of the balance of your estate once all other payments and gifts have been made.
Many people prefer to give a residuary gift because it keeps in line with inflation and doesn’t lose value over time. Anything you can leave would have a huge impact. Even 1% of your estate can help the sport for future generations.
4. Choose your executors and guardians
Decide who you’d like to act as your executors. They’ll be responsible for making sure your wishes are fulfilled. They need to be named in your will.
You can appoint whoever you like to be your executor. Be sure to ask them first, as it can take up a lot of time. You can also appoint a professional, like a solicitor or accountant, but your estate will need to pay their fees.
5. Find the value of your estate
Work out how much your assets are worth, including property, investments and any debts.
6. Consider inheritance tax
Anything you leave to charity is free of Inheritance Tax, so it can be a useful way to reduce your Inheritance Tax bill while benefiting a good cause.
Leaving at least 10% of your estate to charity also cuts down the Inheritance Tax due on the rest.
For more advice on how this could affect you, check the HMRC website or speak to your solicitor.
7. Visit your solicitor
Once you’ve got this far, it’s time to visit a solicitor to have your will drawn up. Your solicitor will keep a copy of your will, but you might like to keep a copy of your own as well.
Keep it somewhere safe and tell someone close to you where it is.
8. What if I don't have a solicitor?
We can’t recommend a solicitor, but you can find one in your area by contacting the Law Society of Scotland (0131 226 7411).
If you are planning to leave a gift to Athletics Trust Scotland, then you can also use our free will writing service provided by Lindsays. They are a major sponsor of scottishathletics and have offices in Edinburgh, Glasgow and Dundee.
Please contact Lynsey Kerr on 0131 656 5721 or firstname.lastname@example.org for more details.
9. Is there specific wording I should use in my will?
Yes, you can use this suggested wording. There are two options below depending on what kind of gift you’d like to give. If you are considering leaving your gift to a specific athletics project or club then we recommend that you or your solicitor contacts Athletics Trust Scotland to ensure that the Trust will be able to honour any conditions you are considering.
Leaving a share of your estate in your will
I give to Athletics Trust Scotland, Caledonia House, South Gyle, Edinburgh EH12 9DQ. Scottish Charity Number SC050143 [all/ __% of the residue] of my estate absolutely for its general charitable purposes and I declare that the receipt of the Treasurer or other proper officer at Athletics Trust Scotland for the time being shall be a sufficient discharge to my executor(s).
Leaving a cash gift in your will
I give to Athletics Trust Scotland, Caledonia House, South Gyle, Edinburgh EH12 9DQ. Scottish Charity Number SC050143 the sum of [specify words and figures] free of tax for its general charitable purposes and I declare that the receipt of the Treasurer or other proper officer at Athletics Trust Scotland for the time being shall be a sufficient discharge to my executor(s).
10. If you've decided to remember us, please consider telling us
Your will is personal and it’s entirely up to you if you wish to share this information. But if you do choose to tell us, we’d love to be able to thank you properly and let you know how your gift can help. Please contact Athletics Trust Scotland.
11. How often should I update my will?
It’s a good idea to review your will every five years, even if there have been no big changes in your life. You might have changed your mind about something, or you may wish to check if there have been any changes to the law which might affect your will.
You’ll need to revisit your will if you:
- get married or enter into a civil partnership
- get a divorce
- have children or any other new relatives (like nieces, nephews or grandchildren) who you wish to include
- buy a house or obtain any other valuable assets.
Thank you for thinking about including a gift to Athletics Trust Scotland in your will. With your help we can continue to be there for those in need.