Good reasons to make a will
Making a will can help protect your loved ones after you pass away and ensure your estate and finances is dealt with in the way you choose. Here are some things to consider…
To make sure your wishes are followed
A will is the only way to make sure that your wishes are followed in the way you intend. With an up-to-date will, you can have peace of mind that the people and causes that matter to you have been looked after the way you choose.
To make it easier on friends and family
A will helps your family and friends take care of your estate and be sure they’re acting on your wishes.
Help to minimise inheritance tax
Aside from supporting a cause you believe in, there can be tax advantages to giving your money away. If you leave more than 10% of your estate to charity, then the inheritance tax rate on your remaining estate will fall from 40% to 36%.
Protect the rights of your partner
If you and your partner aren’t married or in a civil partnership, you do not have the same automatic rights as those who are married. You can make sure your partner is looked after by naming them in your will.
Give your assets to the people and causes you love most
Without a will expressing your wishes, your whole estate could end up belonging to the Crown or government.
Because you can change your mind – especially if your life circumstances change.
A good reason for having a will is that you can change it at any time while you’re still alive so people know your wishes after a change of circumstance.
What types of gifts can you leave for charities in your will?
- A cash gift – this is when you leave an exact sum of money to us. Its also known as a ‘pecuniary gift’.
- A specific gift – this is when you leave us something other than money, such as jewellery etc.
- A share of your estate – After you have provided for your loved ones, you can leave a share of what remains to charity. This is also known as a ‘residuary gift’.
- A gift in trust – you can leave a gift for someone to use over a period of time. When the time has ended, the gift can be passed on to other recipients, such as a charity.
Codicil form
Making a change to my Will
If you have already made a Will, you can still help Totnes Caring by adding a codicil to your existing Will.
We do advise consulting with your solicitor or legal adviser before completing this codicil form, not least to determine the issue of where the burden of any inheritance tax on the rest of your estate falls. Remember that if the value of gifts to charity exceeds 10% of your net estate, the rate of any tax payable on the rest of your estate reduces to 36%* (*correct at April 2014).
Please ensure that you sign this form in the presence of two independent witnesses. The following people cannot witness your codicil: your executor; your executor’s spouse; a beneficiary of your Will; a beneficiary’s spouse.
Once completed, this codicil should be kept in a safe place together with your Will.
If you wish to speak to someone at Totnes Caring about leaving a gift in your Will, please contact Cathy Lohmeyer on 01803 865684.