Why should you leave a gift to a charity in your Will?

Each year, people in the UK leave approximately £2.8 billion in charitable donations within their Wills. These donations are the largest single source of voluntary income to the charity sector and are therefore incredibly important to help support these important organisations. Despite this, only 6% of people actually leave a charity gift in their Will.

Considering what will happen to your estate when you pass away is not necessarily a topic at the forefront of your mind - results from a YouGov survey conducted in 2015 estimated that two thirds of British adults currently do not have a Will - but by writing a Will you can help ensure that your property is protected for your loved ones and your assets are distributed as you wish them to be.

There are several life events that are considered ‘triggers’ in the need for making and updating a Will, and marriage and the birth of children are two of the most important.

Before considering how a dissolved or annulled marriage or civil partnership affects your Will, it is worth considering what provisions have already been devised or bequeathed to your spouse or civil partner if you were to die today.

What is probate?

When someone passes away, they leave behind everything they owned at the time of their death such as money, property and sentimental items. These are called assets; these assets need to be dealt with in respect of the deceased person’s last wishes set out in their Will. This is referred to as the administration of an estate.

It is recommended that a Will is reviewed and updated if required every 5 years or if you have had any significant changes in your life which could include:

•    buying or moving home
•    getting married
•    separating or divorce
•    new children or grandchildren
•    anyone named in your Will passes away

There are a number of common reasons a Will may not be valid, ranging from being incorrectly signed and witnessed to simply making handwritten amendments without thinking about the impact this might have.

It has been announced that, subject to Parliamentary approval, there will be a significant increase in the fees that are charged by the Probate Registry for the processing of applications for grants of representations. It is proposed that this change takes effect from 1st May 2017.

Your Will is your last statement setting out exactly how you want your estate to be distributed upon your death. Once a Will has been drafted, it is not deemed to be effective until it has been signed correctly. Therefore, it is essential that it is signed correctly in order to make it legally binding. If your Will has not been signed correctly then there could be questions raised regarding its validity.

Lasting Powers of Attorney are about forward planning; you may not feel that you need to have one right now but it is useful to arrange the document while you are still able to do so.

From the 6th of April 2017 the Government will introduce a new measure to reduce the burden of Inheritance Tax (IHT) on families: the Residence Nil Rate Band (RNRB).

At the moment everyone is entitled to a tax free allowance (the Nil Rate Band allowance) of £325,000 to be applied to their estate on death while any assets above this amount on death are taxed at 40%. Until now, there has been no specific exemption for a residence, or for assets being passed to children or other direct descendants but, from April, the RNRB offers a further tax-free allowance for anyone passing a qualifying property in their Will to direct descendants.

A deed of variation is a document that allows the beneficiaries named in the Will to change the distribution of the estate. For example, it can allow for a beneficiary to reduce their share in order to give it to someone who did not inherit.

Disputes heard in the High Court over the validity of Wills have jumped from 97 cases in 2013, to 164 in 2015. Many of the judgements and decisions made were pivotal on whether or not a testator had the necessary mental capacity at the time their Will was written and signed.
Debilitating conditions such as Dementia are currently on the rise. At this moment there are over 850,000 people living in the United Kingdom right now with it and scarily, this figure is set to soar to 1 million people by 2025. This and unfortunately other illnesses and conditions can affect a person’s memory, their ability to understand and reason. These are all key attributes we look for when creating your Will.

Research has revealed that nearly half of all people with children have failed to write a Will. Making a Will can save relatives a lot of heartache and hassle at an extremely difficult time.

Getting married means many changes in ones life, and one of these should be the changing or creation of a will. We've compiled the most frequently asked questions by married couples regarding their estate and the relevant changes they may need to make.