Legacies Questions and Answers
Why is it important I make a will?
Ask yourself the following: If you died, who would receive the benefit of your estate? Your wife, husband, partner, children, friends? The answer is perhaps none of them - if you have not made a Will!
The only certain way to have your estate distributed in the way you would wish, is to make a Will. In the absence of a Will your estate will be settled in accordance with the law. Can you be sure that would be in the way you would have wanted? Of course not! Far from respect for your wishes the result could be that the only beneficiary is the state!
How do I go about making a Will?
Go to see a Solicitor and seek professional advice.
Is it expensive?
No. The cost will vary according to how complicated the Will is but is often less than £100 - cheap when you consider how much anguish and hardship can be avoided for loved ones if you make a Will.
Is it difficult?
No. Your Solicitor will guide you through it.
What should I do before I go to see the solicitor?
Go prepared. Make a list of your assets. e.g. savings, property, insurance policies, jewellery etc. Also list any liabilities such as mortgage or loans. Have with you the names and addresses of your beneficiaries, including any charities you wish to benefit.
Think who you would like as your Executor, that is the person you feel will best ensure your wishes are carried out when you die. Make sure that this person is happy to take on that role.
I already have a Will - should I update it?
An individual's circumstances are always changing. You may have re-married, become divorced, your estate may have increased greatly in value. It is always wise to keep your Will regularly updated.
Do you realise that bequests and legacies can be tax efficient? Do you know what makes a Will legal?
For the peace of mind of yourself and your family and for answers to your questions it is essential you seek professional advice.
Remember:
A Will that is out of date is of little value to anyone. It may have unintended and unfortunate results, or could even be unenforceable.
I have made adequate provision for my family and friends. How do I leave a legacy to St Mary's Hospice?
You will need to use the following wording in your Will, so take this information with you when you visit your Solicitor.
If you are leaving a specific bequest, i.e. an exact sum of money or a specific item:-
"I give the sum of £...(or the item to be specified) to St Mary’s Hospice, Ford Park, Ulverston, LA12 7JP for its general charitable purposes. I further direct that the receipt of the Director, Administrator or other proper Officer of St Mary's Hospice for the time being shall be a full and sufficient discharge for the said legacy."
If you are leaving all or part of the residue of your estate, i.e. the residue is what is left from your estate after you have made specific bequests:-
"I give (enter the word 'all' or 'share') of the residue of my estate to St Mary’s Hospice, Ford Park, Ulverston, LA12 7JP for its general charitable purposes. I further direct that the receipt of the Director, Administrator or other proper Officer of St Mary’s Hospice shall be a full and sufficient discharge for the said legacy."
For any more help or advice please contact your Solicitor.