Creating a will is the only way you can be sure that your wishes will be followed after you pass away. If you don’t make a will, part or all of your estate may end up going to people you never intended to benefit, because the law will dictate how your estate is distributed.
We recommend that you consult your own professional adviser to have your Will drafted or updated. You can use this link to the Law Society to help you find one in your area as well as this handy guide to help you make your Will.
Including a charitable gift in your Will is very straightforward, and can enjoy significant estate tax benefits. First you need to decide what type of gift you would like to leave and ensure you use the correct wording.
Updating an existing Will
You may decide to update your Will using a codicil which you can download here. See the different types of wording you can use.
- Residuary Legacy – a gift of the remainder of your estate, or a percentage, after all other legacies have been made and debts have been cleared.
- Monetary Legacy – You can also choose to leave a specific sum of money, also known as a pecuniary gift, which you can arrange to be increased in line with inflation.
- Asset Legacy – This is the gift of something valuable like a property, a piece of jewellery or stocks and shares.