Leaving a Legacy
Making a will is something we all should do but, generally, we don't like to think about it.A will is a legal document designating what should happen to your belongings in the event of your death.
Some people don't make a will as they think you have to be wealthy or they may assume their money will automatically go to their partner. There are many misunderstandings about how assets are divided when no will exists. The only way to assure that an estate is distributed as its owner would have wanted is to have a legally binding will.
Making a will can help:
- you to plan the distribution of your estate in order to minimise inheritance tax
- reduce disagreements with family and friends over who gets what.
- enable you to leave money to charity
- simplify things for your loved ones
- provide instructions about your funeral or cremation
- set up trusts for children and appoint guardians
- you to give a specific item of sentimental or monetary value to a friend etc.
- give you peace of mind that your affairs have been put in order
Not having a Will
If you do not have a will, even if you are married or in a civil partnership, there are limits on what partners can inherit from each other depending on whether or not there are children and other surviving relatives. About 4,000 homes have to be sold each year after someone dies because they did not leave a will.Appointing an Executor
In a will you can choose whom you wish to appoint to take responsibility for seeing that the estate is divided as specified known as an executor. This choice is very important as they are the people responsible for administering your estate and for looking after your affairs after your death. If you do not leave a will your nearest relatives will automatically act. A will should name an executor. This can be a family member, friend, or solicitor.Drawing up your own Will
You can draw up a will yourself using a form sold in stationers or online but be warned! Not consulting a solicitor in the preparation of your will may be a false economy. Wills depend for their validity on careful drafting and on signature in a specific way.Leaving a Legacy
Many people leave a legacy to a charity in their will. It is an excellent way to help your favourite charity to carry on with its work. Your gift will help secure our future ability to provide information and support to the thousands of people born with a heart condition. To find out about leaving a legacy to GUCH PA in your will, visit Remembering A Charity which contains details about the process of remembering a charity, and can put you in touch with a solicitor to help you write your will.More Information
Your local Citizens Advice Bureau can also provide useful information and advice:The Law Society has information on writing a will and finding a solicitor: 0870 606 2555
If you would like to receive a free guide on making a will, please contact us.
This information is for general purposes and is not intended to constitute or replace professional legal advice. Last updated July 2008