Making a Will is often the last thing on a person’s mind. We feel that we are going to live forever but of course, just like paying tax, death is inevitable and we don’t want to think about it.
However, if we don’t make a Will then not only will our friends, relatives and favourite organisations miss out but all our hard-earned money and possessions become forfeit to The Crown.
Making a Will is quite straightforward in most cases and can even be achieved by ‘doing it yourself’. but, there are rules to follow and if the content is in any way complex, there is always the possibility that a DIY Will could become invalid. For this reason, ensuring that a Will can be legally executed, it is always recommended that writing this important document is undertaken by a solicitor.
THE CONTENT
OF YOUR WILL
To achieve your intentions regarding your estate, before you visit a solicitor it will save time and money if you make a list of who should benefit from your Will and how they will benefit whether in terms of money or possessions. Consider your loved ones, friends, those who have helped you in time of need, charities, religious connections – the list goes on. Also remember that people named in a Will may pre-decease you and you may want to consider what then happens to the bequest.
DIGITAL INHERITANCE
The term digital estate refers to digital media and rights that can be inherited. Digital assets are (in contrast to physical assets) more dynamic and ephemeral. When a person dies, they leave behind a digital presence which can include online accounts, passwords, contracts, receipts, financial transactions, medical information or personal websites, and can involve banking, writing, images and social media. A digital estate is not only a person’s online presence; it includes data stored digitally on personal technology such as a phone or computer.
Two principal issues arise over a person’s digital estate: firstly, inheritability, those data or copyrights which belong to the deceased and can be inherited; secondly, access to the deceased person’s digital estate by someone charged with dealing with it. A number of bodies have highlighted the difficulties that these and other issues may raise.
The above information has been taken from a site entitled Digital Inheritance in Wikipedia.
INHERITANCE TAX
Currently (print-date August 2018), if the total value of your estate exceeds £325,000, inheritance tax at the rate of 40% may be payable on the amount over that sum. This means that your beneficiaries will only receive £6,000 from every £10,000 left in your estate over the £325,000 threshold. This threshold can change year by year. A well-prepared Will can significantly reduce the amount of tax on your estate. However, it is worth remembering that a gift in your Will to a charity such as TNA UK is tax-free.
Types of Gifts:
- Residuary
- Pecuniary Specific
- Contingent
- Updating your Will
YOUR GIFT TO TNA UK
- Can support our research projects
- Could be used to develop helpline services
- Can increase the number of supporter groups in the
- Would help in the development and updating of literature
- Helps our charity to reach more sufferers, their families and carers and provide more support
FOR INFORMATION ON A FREE BASIC WILL WRITING
FOR TNA MEMBERS PLEASE CALL
A residuary gift is a gift of all or a percentage of your estate after all debts have been paid and other gifts given. This is an effective way to divide the value of your estate between a number of people and causes. You do not need to update your Will to keep pace with inflation as this type of gift is based on the current value of your estate.
A pecuniary gift is a fixed sum of money. This type of gift should be reviewed frequently as it may not keep pace with inflation. Consider index-linking the gift. You may wish to leave a gift that has sentimental value and can be anything from a piece of jewellery to a house. It may also be something that you leave to a person or cause with specific instructions as to how it should be dealt with.
This type of gift depends upon an event that may or may not happen. You may have left a gift to a charity but can make a further contingent gift of a portion or all of your estate if beneficiaries in your Will pre-decease you.
If you decide to change your Will, you do not have to write a new one. You can update your Will by having a codicil drawn up. This is usually just a single page document that provides details of additional gifts or changes to the value of gifts you have given. You can also use a codicil to change executors or details such as addresses.
A codicil must not contradict your existing Will and must be legally valid. It should be prepared and witnessed and it is recommended that you consult a solicitor.
This document is free in order to encourage more members and supporters to make a Will. Many people would like to leave a lasting legacy but do not get around to it. Your legacy can provide support, hope and help to a future generation of TN sufferers.
