Making and updating your will
How to make and update your will
Making your will can be relatively easy but do your planning before you visit your solicitor i.e. think about what your estate is worth and how you would like to distribute it.
> How to calculate the value of your estate
Types of legacy
There are three types of gift you could leave Epilepsy Society, all of which, whether big or small will help make a real difference to our work
- Residuary gift: a portion (e.g. 25%) or the entirety (100%) of everything that remains after other specific gifts, expenses and taxes have been paid. This is a great way to benefit Epilepsy Society as the value of the gift will change over the years as your circumstance change.
- Pecuniary gift: a gift of a set amount of money such as £500 or £30,000 which if index linked (please ask you solicitor about this) can retain it value years down the line.
- Specific gift: a gift of a specific item like a piece of furniture of jewellery or painting.
Where to keep my will?
Once you’ve made a will, it’s important that it can be found easily when it’s needed. It’s best to leave the original with your solicitor or in another safe place such as a bank. Keep a copy at home in a safe place and tell your executors or immediate family where they can find it. Review your will every few years to make sure it reflects your current circumstances.
Will my estate be subject to inheritance tax if I give to charity?
Inheritance tax is payable on your estate after your death if your estate goes over the inheritance tax threshold which currently stands at £285,000. Anything above this amount is therefore subject to tax. However gifts to charity are exempt from inheritance tax and so not only can you be sure that by leaving a gift to Epilepsy Society we will be getting the full benefit of your intended gift but it can also be used as a tool for inheritance tax planning which means you can distribute your estate to charity and to loved ones in the most tax efficient way. Inheritance tax can be complicated but your solicitor should be able to advise on inheritance tax planning.
Other considerations
Making and updating your will are also good opportunities to think about other considerations like provision for pets and funeral arrangements. It is also possible to specify whether you would like donations in memory to Epilepsy Society rather than flowers at your funeral.
Do I need a solicitor?
It is vitally important to get independent advice from your solicitor when you are making or updating your will. Your solicitor will be able to advise on wording, tax implications, legal requirements and whether you need to redraft an existing will or add a codicil where you have already got a will but are worried that it may be out of date due to change in circumstances.
For including a gift to Epilepsy Society please ensure that the following details are included: our full name, address and charity number: Epilepsy Society, Chesham Lane, Chalfont St Peter, Buckinghamshire, SL9 0RJ (Registered charity number: 206186).
> Sample legacy clauses (MS Word 23 KB)
> Codicil form (MS Word 24 KB)
To find a solicitor in your area, visit The Law Society website (opens in a new window).
