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.
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.