Making a Will for Willen Hospice
Why a Will?
Most of us want to be sure that after death, money and property are distributed in accordance with our wishes. The best way to achieve this is to seek the advice of a Solicitor and to leave clear legal instructions in the form of a Will.
In the absence of a Will the law provides for the distribution of one's estate according to fixed rules. Such rules are not flexible and often produce a result which is not appropriate in the circumstances, causing additional delay, expense and sometimes personal distress to surviving relatives.
The Tax Factor
If a person dies leaving net assets, including a house, to a value greater than £300,000 (as at April 2007) then Inheritance Tax at 40% becomes payable. Bequests to a Charity such as Willen Hospice will reduce the value of your estate and if this value falls below the £300,000 limit then no inheritance tax will be payable.
What if I change my mind?
Once you have made a Will you can change it at any time, either by making a new one revoking the original Will or by recording the alterations in a simple document, known as a Codicil.
What are my next steps?
If, in view of the above, you are considering changing your Will please take legal advice. If, as we hope, you wish to make a bequest to Willen Hospice, the following suggested clauses will be of assistance to you and your solicitor: -
1) A specific gift to Willen Hospice
"I give the following pecuniary legacy absolutely and free of all taxes to Willen Hospice whose Registered Office is situated at Manor Farm, Milton Road, Willen Village, Milton Keynes, MK15 9AB. Registered Charity No. 270194:
the sum of ................................................................. £...........
(words) (figures)
for the general purposes of the Hospice, and I declare that the receipt of the Chief Executive or other authorised official for the time being shall be a good discharge to my Executors."
2) A residuary gift to Willen Hospice
"I give devise and bequeath the residue of my estate whatsoever and wheresoever both real and personal and whether in possession, reversion, remainder or expectancy to Willen Hospice, whose Registered Office is situate at Manor Farm, Milton Road, Willen Village, Milton Keynes, MK15 9AB. Registered Charity No. 270194, for the general purposes of the Hospice and I declare that the receipt of the Honorary Treasurer or other authorised official for the time being shall be a good discharge to my Executors."
You may find the following websites useful:
http://www.direct.gov.uk
http://www.adviceguide.org.uk
The information contained on this website is believed to be correct at the time of publication, but changes in the law do occur from time to time, and you should ask your Solicitor to confirm the up-to-date legal position before preparing and completing your Will.
