Many people consider leaving a gift in their Will to help causes that they care about. We asked Rebecca Druce, a Solicitor at Wilsons Solicitors LLP, to answers some of the most common questions that people have about writing a Will in the UK.
Q: Should I write a Will?
A: The answer is always a simple yes!
Q: What are the roles in a Will?
A: Generally, the Will is split into executors and beneficiaries. The executors are legally responsible for administering the estate of the person who has died in accordance with the will. The beneficiaries will receive any assets left to them under the will.
Q: How can a charity benefit?
A: In several ways! You can leave a cash sum to a charity, an asset to the charity (such as a property) or you can name them as receiving the whole or part of your estate once any liabilities have been paid. In other words, the rest of the pot.
Q: Can I leave money to my family and a charity?
A: Absolutely! You should consider if you would like your family or charity of choice to receive a fixed sum, an asset or a share of the estate.
Q: What happens if I die without a Will?
A: Your estate will pass in accordance with the intestacy rules. These rules do not often reflect your intention and will not include any form of charitable giving, even if you have been a lifelong supporter of a charity.
Q: How can I reduce any inheritance tax?
A: If you leave all your assets to a registered charity, there will be no inheritance tax payable. If you leave a gift of worth at least 10% of the net value of your assets, the inheritance tax rate can be reduced to 36%. You should ensure your will is up to date and reflects your wish intentions. If you have not written one, do not delay any further!
Would you like to know more?
We’re very grateful to everyone who has chosen to support our work in this special way. Every gift, large or small, makes an enormous difference to our work.
If you’d like more information on how you can help get separated children Back to Family by leaving a gift in your Will, you can contact us at [email protected].
