What if I change my mind? Expand Many people put off making a Will in case they change their minds about legacies and bequests in later years. However, once you have made a Will, the original contents can be changed or added to by means of a Codicil and will not involve re writing your Will. The Codicil has to be signed and witnessed in the same way as the Will itself, although the witnesses do not have to be the same. The Codicil must be kept with, but not affixed to, your Will.
How can I help relations, friends and charities? Expand If you would like to leave a bequest to charity but need to ensure that relatives or close friends are well provided for during their lifetimes, there is a simple way to achieve both aims. Your solicitor can explain how someone can receive an income or other benefit from your Estate for their lifetime and then, when this is no longer needed, the remainder can be passed to charity.
What about my funeral arrangements? Expand As many people never quite get round to discussing funeral arrangements with loved ones, making a Will gives you the opportunity to make your wishes known. Make a note of these to be included in your Will. Strangely enough, the cost of a headstone or memorial is not regarded, by Law, as a funeral expense and it will make matters easier for your Executors if your wishes with regard to a headstone or memorial are also included in your Will.
How much time will it involve and how much will it cost? Expand Making a Will usually involves two trips to your solicitor, a first visit to give your instructions and a second appointment to check the document which has been prepared and to sign it. How much will it cost? The solicitor's charges will usually depend on the complexity of your affairs and the time taken to draw up your Will. Don't be afraid to ask for an estimate in advance. It may help to obtain estimates from various local firms before deciding which one to use. There may even be a reduced cost if you and your partner make matching Wills that leave the same property and possessions. How can I save costs? To keep costs to a minimum the motto is be prepared! Having all the relevant information to hand will save your solicitor time and save you money. Make a list of all your possessions such as property, furniture and jewellery. Add to this list any shares, insurance certificates or bonds you hold and details of where these documents are stored. Finally, include on the list the name, address and account number of any bank or building society with which you have an account.
Why make a Will? Expand If you have no family and have not made a Will, your entire estate could pass to the Crown and be added to the Treasury's coffers. So while you might want your closest friend to have all your possessions, the law will not agree if there is no Will. Who should make one? Everyone should make a Will because this is the only way you can be sure that your Estate will be distributed in accordance with your wishes. It is particularly important for parents with young families to make a Will to ensure that their children's needs are safeguarded. It is not enough to guarantee that their financial future is secure, thought must also be given to who will bring them up if you and your partner die. Guardians can be appointed in your Will and your solicitor will help with details of Trust Funds. Can I draw one up myself? It is perfectly possible to draw up your own Will but even simple Wills must comply with legal formalities and, if you are not familiar with legal terminology, just one mistake could invalidate the whole document. The best advice we can give is that you use a solicitor to draw up the Will. It is worth the expense to have peace of mind knowing that your wishes cannot be misinterpreted. Who should benefit from my Will? Write down the full names and addresses of all the people you wish to remember in your Will. Think carefully about precisely which special gifts you wish to make and to whom.
Inheritance Tax Expand The Government has launched a scheme called “Legacy 10” aimed at encouraging those who support charities in their lifetime to also do so in their wills. How does it work? If you decide to leave 10% or more of your estate to charity, the inheritance tax reduces from 40% to 36% (Note: Inheritance Tax is only applicable to estates exceeding £325,000). More Information We advise you to seek financial advice from a professional. Find out more about inheritance tax and charitable giving on the HMRC website For further details on how your can support us, please contact us on: 01823 669604 or email: [email protected]
What if I already have a Will? Expand If you have already made your Will, a bequest to our charity may be added to it by way of a Codicil. A codicil is a way to add a gift to Dorset and Somerset Air Ambulance to your latest Will. It is a supplement to your Will that can make changes or amend and allow additions to that Will. If you already have more than one Will make sure that this codicil refers to the latest Will – also clearly identify which codicil this will be, first, second, third etc. Unless the change you are making is very straightforward we recommend that you consult your solicitor and consider having your Will redrafted. If you decide to update your will using a codicil, here are a few basic rules: Just like a Will, you will need two adult witnesses to you signing the codicil. They, or their spouses cannot be beneficiaries. They do not need to see the contents of the codicil, merely that you sign it in their presence The witnesses need to write in their names and addresses and sign the codicil Keep the completed codicil with your latest will, but not attached by pins or staples etc, in a safe place Send a copy of the Will and codicil, in a sealed envelope if you prefer, to a trusted person. This could be your executor, solicitor, good friend, charity beneficiary and let them know where the original Will and codicil are stored.
Who do I contact to discuss leaving a legacy? Expand You can contact a member of our team to discuss leaving a legacy by calling: 01823 669604 or by emailing: [email protected]