Will Writing Services
A will is one of the most important legal documents you will ever produce, and is the only way to ensure that your wishes are carried out and your estate is divided in the way that you choose.
There are two main reasons I think why leaving a gift in your Will is a great idea.
Firstly, statistics show that people generally have a giving nature, with over 74% of the UK population supporting charities during their lifetime. However, on death the reality is only 7% of us are actually leaving gifts in our Wills.
Without charitable gifts a lot of these charities that we know and support today wouldn’t be in existence.
Secondly, the government changed the tax laws regarding gifts left in a Will.
Currently if your total estate is worth £325,000 or more then your estate will pay 40% inheritance tax on everything over the £325,000. However, if you leave at least 10% of your estate to charities the tax rate will be reduced to 36%.
This can make quite a difference in the tax bill your estate pays – rather than giving this money to the tax man a charity could benefit.
As a mother I, of course, want my children to be financially secure, especially with the struggles young adults have getting on the property ladder and now having to pay for university fees.
And when I add up my estate (as we are all worth far more dead than alive) I am sure they won’t miss a few thousand pounds, or even a small percentage of my estate.
I am not saying this because I am a multi-millionaire! Far from it. But I would like a little something to go to the charities that I support.
If we all left something in our Wills for charity, as well as our loved ones, we could make a massive difference, and you don’t have to be a multi-millionaire to make a difference.
We could all do something wonderful and remember our favourite charity in our Wills.