Very few people make a Will - as few as one in four of us. But if you do not make a Will, your relatives and friends will not know how to deal with your possessions - your “estate”. This can cause considerable distress and hard work. Not only that, the State will decide who winds up your affairs, which can take a very long time. If you do not leave a Will your estate could be dealt with in a way which you might not like.
We cannot give you any personal advice on how to settle your estate because each person has special circumstances; however we hope this information will help you how to decide.
It does, of course, go without saying that The Civic Trust’s work benefits greatly from those who leave us a legacy - and we hope that you too might consider helping this charity in such a way. But before you make up your mind let us explain about Wills.
WHAT IS A WILL ?
A Will is a legal document setting out your instructions for what should happen to your money and other possessions after your death. To handle your estate, you choose “executors” with the necessary powers to dispose of it. Also included in the Will can be details of the content and conduct of your funeral; whether you would like to donate organs for transplant or research and arrangements for looking after children (who might require guardians if they are under age when you die) or pets.
WHO DRAWS UP A WILL and what is involved ?
A solicitor or a bank’s trustee department can draw up a Will. You can do it yourself - stationers stock a standard form - but this is not recommended since you probably will not be aware of the pitfalls and tax advantages with which solicitors and others are familiar. There are many tax concessions - for instance all legacies to The Civic Trust are tax free. If you want to use a solicitor, but do not know one, ask the Citizens’ Advice Bureau. A solicitor is bound by law to put clients’ interests first and their fees are normally quite reasonable.
BEFORE YOU MAKE YOUR WILL, save time by thinking it through:-
-Make a list of your assets (possessions, bank/building society accounts, pensions etc.)
-Make a list of liabilities (mortgage, debts etc.)
-Think about who you want to benefit from your Will.
-Think of who could be your Executor(s) and Witnesses to your Will.
EXECUTORS - anyone over 18 whom you can trust to deal with your affairs competently after your death. He/she/they can be a friend, your solicitor, accountant, the trustees department of a bank or a member of your family. Some, like banks, accountants or solicitors, will charge for this service - however, the experience they have makes it almost always worthwhile. Someone who benefits from your Will is not excluded from being an executor. Remember, if you don’t make a Will the State will appoint administrators, which can be a long drawn out business.
WITNESSES - Once you have drawn up a Will it must be witnessed and signed by two independent persons and yourself in the presence of each other. It is important to remember that Witnesses cannot benefit from your Will.
WHEN SHOULD A WILL BE MADE ?
NOW! It is never too early to make one, and you can always change it. If you win the pools or get re-married or your personal circumstances change in any other way it will be well worth it. Do not change the Will yourself; this will make it “invalid”. Should you wish to change your Will, use a ‘codicil’, which is a short additional document which alters your Will. This can be arranged by your Executors.
HELPING CHARITIES LIKE THE CIVIC TRUST
Many people leave legacies to charities: an important advantage of doing so is that gifts to charities are not liable to Inheritance Tax, so a legacy can actually help you reduce the amount of tax payable by your estate. Your solicitor or accountant or other qualified person can explain the details to you.
HOW DO I WORD A LEGACY TO THE CIVIC TRUST?
There are two types of legacy: we set out the recommended wording for each below.
Residuary Legacy: “Subject to the payment of my debts, funeral and testamentary expenses I give the whole of my estate not otherwise disposed of by this my Will to The Civic Trust, 1-6 Essex Street, London WC2R 3HU (Charity Number 1068759) for the general purposes of The Civic Trust and I declare that the receipt of their Treasurer or other proper officer shall be a full and sufficient discharge.”
Pecuniary Legacy: “I give, free of tax to The Civic Trust, Essex Hall, 1-6 Essex Street, London WC2R 3HU (Charity Number 1068759) the sum of £...............for the general purposes of The Civic Trust and I declare that the receipt of their Treasurer or other proper officer shall be a full and sufficient discharge.”
The Civic Trust will gratefully appreciate any legacy large or small, whether a cash sum, a property or a specific item. We have many tasks to undertake over the forthcoming years and legacies are truly wonderful gifts for us. The Civic Trust’s action to improve the quality of life in Britain’s towns, cities and villages needs to continue for many decades to come - certainly long after the lives of all of us.
This document has been written based upon The Civic Trust’s understanding of current legislation; however, The Civic Trust disclaims any legal responsibility for any errors or omissions, and recommends strongly that professional advice is taken.
