To die intestate (i.e. without making a will) could lead to much unhappiness for those we love.
It could even mean that the state takes a larger share than necessary in tax.
After considering the interests of your family and friends, you may decide to leave a gift to charity. Any such bequest is free from inheritance tax.
Did you know by leaving a bequest to the Fund (or any other charity for that matter) you could reduce your inheritance tax liability?
Legacies can be for large or small amounts, and can be divided into the following three categories:
PECUNIARY BEQUEST - when a person leaves a specified sum of money to a nominated person or charity
SPECIFIC BEQUEST - when a person leaves a specific item (e.g. jewellery, furniture, or even a house) to a person, family, or charity
RESIDUARY BEQUEST - the balance of your estate after all debts, taxes, expenses, and other legacies have been paid
Whether or not you choose to leave a legacy, the Fund can help you make a will, and keep it current. A booklet, providing in-depth information, is available, but here are 6 top tips:
- Appoint a professional adviser - usually a solicitor or a will-maker
- Work out the value of your estate - a professional adviser can help, if necessary
- Decide who you want to benefit from your will
- Choose your executor(s) to ensure that your will is properly discharged
- Keep your will safe - your solicitor or bank can help you with this. Make sure that your executor(s) know exactly where it is to be found
- Make sure your will is up-to-date by making simple additions or amendments. These are known as codicils - a document altering an existing will
