Leaving Myeloma UK a legacy

Transcription

1 Leaving Myeloma UK a legacy fundraising@myeloma.org.uk

2 Contents About Myeloma UK Why your legacy to us is important Remembering Myeloma UK in your will The importance of making a will Writing your will Reviewing your will Terms and definitions Helpful contacts Value of assets Help Myeloma UK to plan for the future Myeloma UK has a targeted research strategy that enables the translation of scientific findings into patient benefit as quickly as possible. It is an integral link in the chain and helps to drive forward the research agenda, working with other key stakeholders in the UK to ensure the very best for patients. Prof Gareth Morgan Professor of Haematology and Oncology Institute of Cancer Research

3 About Myeloma UK Myeloma UK informs and supports people affected by myeloma, and helps improve treatment and standards of care through research, education, campaigning and raising awareness. Registered in 1997, Myeloma UK is the only organisation in the UK dealing specifically with myeloma and its related disorders. Myeloma UK works with: Patients, carers and family members to help them cope with everything a diagnosis of myeloma brings Doctors and GPsto find better ways of diagnosing and treating myeloma Nurses and other healthcare professionals to improve care for patients Researchers to improve treatments, reduce side-effects and develop preventative and curative strategies Other charities, government and the pharmaceutical industry to ensure patients have access to and receive the best possible treatment and care when they need it At Myeloma UK we are passionate about and dedicated to our work; we have a relentless commitment to achieving our goals. We are staffed by a small but effective team, managed by a board of directors and guided by expert advisory boards. We rely almost entirely on voluntary donations and fundraising activities; our administration and running costs are kept to an absolute minimum. I found out last week that my dad has myeloma and we know there are various treatment options. I had never heard of myeloma before and just wanted to say thank you for the very useful and informative website. When we were told it was incurable, the family was devastated. However, after reading the information on your website and watching some of your videos on Myeloma TV I feel so much more reassured. I just wanted to say thank you for that. Sophie Chapman Carer Applecross 1

4 Why your legacy is important Legacies, also known as bequests or gifts in your will, are very important to Myeloma UK. They help us to plan for the future with confidence, allowing us to undertake vital research into myeloma. After decades of limited research and innovation, the last few years have seen a number of important developments in myeloma. A greater understanding of the genetics and biology of myeloma, together with new treatments such as Velcade and Revlimid have brought much hope to patients and their families. Myeloma UK is the driving force behind the myeloma community in the UK and has brought much new hope to patients and their families. Our work is transforming the landscape and changing the way in which myeloma is researched, treated and managed. Leaving a legacy to Myeloma UK will enable us look to the future confidently. Our hope is that patients today will benefit from the outcomes and discoveries of current research, including research that is funded by Myeloma UK. Myeloma is the Cinderella of cancers. Very few people have heard of it, some people confuse it with the skin cancer melanoma. It took the lives of my husband Jack Rosenthal, and my dear friend Lynn Shindler. I have met many people who are bravely living with the time bomb that is myeloma and their hope and mine is that research will bring us nearer and faster towards a cure. The research work that Myeloma UK does is invaluable. By supporting them in your will, you can leave a lasting legacy of hope to other people who are affected by this insidious cancer. Thank you so very much. Maureen Lipman CBE Patron

5 Remembering Myeloma UK in your will No matter the size of legacy you choose to leave, your kindness and generosity will enable Myeloma UK to make a difference to many myeloma families across the UK. There are a number of different ways that you can remember Myeloma UK in your will. Share in the residue of your estate Residue is whatever is left after all debts, funeral expenses, certain other costs and tax, and any other legacies have been deducted. Pecuniary legacy A fixed sum of money. Specific legacy A particular named item for example, a piece of jewellery, furniture or a painting. Contingent legacy A legacy that is dependent upon an event, which may, or may not, happen. For example, a legacy that applies only if other beneficiaries named in the will die before the person who wrote the will does. If you would like to leave Myeloma UK a legacy in your will, please ensure that you use our registered address and charity number (this information is on the back of this leaflet). The importance of making a will Writing a will is one of the most important documents that you will produce in your lifetime. It is the only way to make sure that your wishes are carried out after you die. If you die without making a will, you give up your right to express your wishes as to who should benefit from your estate. Many people assume that when they die, their next of kin will automatically inherit everything. This is not always the case and some intestacies (when people die without having made a will) can be very complex. Unless you make a will that clearly states how you wish to divide your estate, the legal system decides which relatives will receive your estate and in which proportions. Even if you have no relatives, you should still make a will: if you don't, everything you own may go to the government. 3

6 Writing your will There are many details that you need to consider when writing a will. The following list may be helpful: Find a solicitor When writing a will you should consult a solicitor. It is a legal document and it is essential that certain pieces of information are included. A solicitor will make sure your will is legally binding. If you can, get a recommendation for a solicitor who is experienced in legacies. Know who you want to benefit It is important to take time to think about who you want to benefit from your will and how you would like it to be divided. Appoint an Executor/s Executors are responsible for administering your estate following your death; you must appoint them when writing a will. Take time to think about who you would like to carry out your wishes. It is a good idea to nominate two people to cover the circumstances where one of them is unable to act for any reason. You can have more if you wish, but remember to ask them first. Funeral wishes You might want to think about how you would like your funeral to be carried out. Your will is an appropriate place to state these wishes. Witness In England, Wales and Northern Ireland, your will must be signed by you on each page and by two independent witnesses, who should not be beneficiaries or Executors in terms of your will. In Scotland only one witness is needed. Value of Assets Calculate the assessed value of your estate; your solicitor will then be able to advise you of your potential inheritance tax liability and which steps you can take to save tax. Keep your will in a safe place Ensure that you keep your will in a safe place. If you misplace it, your estate might not go to the correct people. You can leave the original with your bank or solicitor, keeping a photocopy at home with you in a safe place. 4

7 Reviewing your will Once you have made your will, it is important to make sure that you keep it updated. Ideally, a will should be reviewed every three years. As your personal circumstances change, you need to ensure that your will still accurately reflects your wishes. You should update your will if you inherit money, when you have children and when you retire. It is also important to remember that if you marry, or become divorced, an existing will automatically becomes null and void. Updating your will by codicil You can update your will by writing a codicil; this legally binding document should be written with assistance from your solicitor and will be added as an amendment to your will. If you already have a will and choose to also remember Myeloma UK, you can do this by adding a legacy to Myeloma UK through a codicil. Tax efficiency Legacies to registered charities in the UK like Myeloma UK are tax exempt. If you leave money to Myeloma UK or another charity in your will, it will be paid out before inheritance tax is deducted, reducing the total amount of tax paid on the estate. After being diagnosed with myeloma, it was the information and support that Myeloma UK gave me and my family that made such a difference to the attitude I took towards the cancer. I want to leave something in my will to Myeloma UK it won t necessarily be a huge amount, but if it means another patient and their family receive the same support we got then that will make me happy to know I ve helped. Mrs G Westaway Brighton 5

8 Terms and definitions Administrator Someone who is appointed to arrange your affairs if you don't leave a will. Beneficiary An individual or charity that will receive a legacy in your will. Bequest or legacy A gift in a will to a person or charity. Codicil A document that amends, alters or adds to a will. It must be drawn up and executed in the same way as a will in order to be valid. Chattels and moveables Your personal possessions, including your furniture and car. Estate Your assets and liabilities at death. Executor(s) The persons appointed by an individual in a will, or by the court, who are responsible for administrating your estate at death. Intestate and intestacy You are said to be intestate if you die without making a will. Intestacy is the name for this situation. Probate (Confirmation in Scotland) The legal procedure to confirm your will is valid and to give your Executor power to deal with your estate. Residue The sum that is left from your estate when all debts, charges and legacies have been deducted. Restricted fund Monies or property required to be held for a specific project or cause, rather than for the general funds of a charity. Testator (male) or testatrix (female) The person who is making the will. 6

9 Helpful contacts The Law Society If you need to find a solicitor you may wish to contact The Law Society who will put you in contact with a reputable solicitor who will incorporate your wishes in your will. England and Wales: Northern Ireland: Scotland: Ireland: Fundraising Department The fundraising department at Myeloma UK can provide in confidence, further information on our services and other ways you can help. Tel: fundraising@myeloma.org.uk Acknowledgements Myeloma UK acknowledge Morton Fraser LLP, Solicitors, and their offices in Edinburgh, Glasgow and London for their assistance in helping to write this publication. 7

10 Value of assets People are always surprised to find out how much they have in assets. Remember this includes the value of your home, personal items, stocks / shares and savings. 8 ASSETS Value Description House Car Stocks and shares Insurance policies Pensions / benefits Bank / building society accounts Other savings Furniture Antiques / collectables Jewellery Clothing Other items of value TOTAL LIABILITIES Mortgage Loans HP agreements Credit cards Other debts Tax due TOTAL ESTATE VALUE (total assets minus total liabilities)

11 Help Myeloma UK to plan for the future tell us if we are in your will Please complete and return this form to Myeloma UK. Your views on this booklet and leaving a legacy to Myeloma UK will help us to plan our future work. All information will be treated in the strictest confidence. Title... First name... Surname... Address Postcode Tel... Date of birth... Marital status... Please tick the following statements that apply: I am planning to leave a legacy to Myeloma UK in my will I have already made a legacy to Myeloma UK in my will This will be: A cash (pecuniary) legacy to the value of... A percentage ( %) of my estate as a (residual) legacy Other... Please take a moment to tell us why you have chosen to support Myeloma UK in this way Thank you for supporting Myeloma UK through a legacy in your will. Your generosity will help us to continue our important work helping people affected by myeloma. Please detach this completed form and return to: Myeloma UK Broughton House, 31 Dunedin Street, Edinburgh, EH7 4JG 9

12 Myeloma UK Broughton House 31 Dunedin Street Edinburgh EH7 4JG Tel: Fax: Charity No. SC National Myeloma Week June