At Wessex Cancer Support, we often receive legacies from people who have been generous in remembering us in their Wills. These legacies, which might be a financial gift of cash or shares or an item of property such as a valuable antique or a house, are always gratefully received and help us continue to provide our services to people living with cancer in Hampshire, Dorset and the Isle of Wight. You might feel that you’re too young to write a Will or that it’s not the right time. Our volunteer legacy administrator, Sara, says it’s never too early to have peace of mind…
If you want to have a say in how your property is divided up after you die, the easiest way to do this is to make a Will. Whilst it’s possible to draft your own Will, if you want to ensure it’s legal and, where relevant, tax efficient, it’s best to use a Solicitor or a Will-writing service.
Before you speak to them, it’s worth making a list of your assets and considering who you would like to leave them to. You can also set out your wishes regarding your funeral. Some people also provide for their pets. You may want to leave specific items of jewellery or antiques to particular people. You can also give specific amounts of cash or a percentage of your whole estate.
When you die, your assets and liabilities are known as your ‘estate.’ Here are some things to bear in mind:
-It’s entirely up to you who you leave your estate to
-You may decide to leave everything to one person, or share it between your family and friends. You can also choose to leave a gift or proportion of your estate to one or more charities.
-You also need to consider what would happen if someone you have left a legacy to dies before you. Who would you want to receive the assets then?
-It’s usual when leaving part of your estate to a relative, to provide for any children they may have to inherit if your child has died before you
Make sure you know how much the person writing your Will is going to charge you. In addition, ask whether there are any tax implications of how you are dividing your estate and whether that tax can be reduced.
If you would like to leave a legacy to a charity, then it’s important to include the charity number as well as its name. That means if it changes its name at a later date, your legacy is still likely to reach it.
You may feel that you are too young to write a Will. It’s never too early to have peace of mind as to what will happen after you die. A Will isn’t final until you die, so you can always change your mind at a later date. You can either do this by writing a completely new Will or making a variation, known as a codicil, to your Will.
Octopus Legacy is one of the fastest growing online Will writers in the UK. They’re offering a free Will-writing service for anyone thinking of leaving a gift for Wessex Cancer Support in their Will.
Click here to find out more