LEGACIES AND BEQUESTS
Some good reasons why you should make a will
Many people die each year without ever making a will. The reasons for this may be reluctance to think about death, a belief that it really isn’t necesssary, or lack of knowledge about the benefits of doing so.
The only way you can absolutely guarantee your money goes where you want it to, is to make a will. That rule applies whether leaving your estate to members of your family, friends or relations, or to charity. If you don’t leave a will the law will decide how your estate is divided up.
Making a will is easy. There are lots of books on the market to help you. You can do it yourself though a home-made effort can sometimes mean an expensive disaster if it isn’t done properly. It is usually far better to see a solicitor, or official will writer, and make sure that everything is done properly.
Remember though, if you make a will when you are single, it is automatically revoked when you marry, so you must then make a new will.
Where do I start?
The first step is to prepare a list of your assets and liabilities. Then draw up a list of the people to whom you wish to leave your possessions. If you are intending to leave money to charity, your solicitor will have a directory of charities. You will need to appoint at least one executor (the person whose duty it is to carry out your wishes after your death). This can be a professional person, such as a solicitor, or may be a trusted friend. It will save time (and money) when you see a solicitor if you have clearly thought everything through beforehand. When the will has been prepared, your solicitor will ask you to check the contents to make sure you are absolutely happy with it. You then have to sign your will in the presence of two witnesses. Your solicitor or bank manager can keep your will in a strongroom. If you prefer to keep it yourself, make sure it is stored in a safe place and that a friend or relative knows where it is kept.
You may want to check the contents of your will from time to time, in case you want to make any changes. If you want to make some minor changes, this can be done by a codicil (which must be signed and witnessed). You don’t need to make a new will.
Leaving money to charity
If you do intend to leave money to charity in your will, then it is important that the correct name, address and charity number are quoted in your will. Your solicitor will be able to advise if you aren’t sure of the details. This is really important as there might be another charity with a similar name.
A registered charity is exempt from capital gains and inheritance taxes. A gift by will to Leicester & Leicestershire Animal Aid Association, or any other registered charity, would therefore be tax-free and benefit the charity greatly without placing a burden on your estate.
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If you are thinking of leaving a legacy or bequest to Leicester & Leicestershire Animal Aid Association, and would like to discuss this further, then please don’t hesitate to get in touch.
Alternatively, if you would just like to come and have a look round, you are most welcome to do so. We are open to visitors every day from 10am to 2.30 pm.
