How to Leave a gift in your Will
It simply means making sure your Will states that you would like to give a fixed amount of money (or portion) to charity.
But, I’m too young to make a Will, aren’t I?
You can make or change a Will at any stage of adult life. The average people in the UK make a Will at aged 47* but many people often make a Will younger in life at a particular life stage.
Others want to make a change to their Will (a “codicil”) later in life, such as after a marriage or divorce, the birth of a child or grandchild or if you’ve moved house – so it’s good to be thinking about Wills before you make one.
Do I need a solicitor?
You don’t need to use a solicitor, you can actually write your own Will. However, we always advise people to use a professional will writing service to prevent any mistakes. For some, advice from a solicitor may be needed especially where there are assets in excess of the Inheritance Tax threshold, you have a large or complex family, or you wish to create trust arrangements.
But I don’t have that much money!
You don’t have to be wealthy to make a Will. You have control over how much to give to others, and a little amount can go a long way. If you would like to, leaving a gift in your Will (especially if you can’t donate in your lifetime) can be the ultimate gift.
Please note, no-one should force you to change your Will or add you as their beneficiary.
What types of gifts in Wills are there?
If you choose to leave a gift in your will, there are different types for you to choose from:
1) A residuary gift is a share of your estate. Your estate refers to everything you owned, including money in your bank account, investments, and physical belongings such as your property and furnishings. You can leave a specific percentage of the value of your estate after any taxes or costs have been subtracted. Many people choose to leave a small percentage of their estate. Whatever you are able to give to Citizens Advice South Gloucestershire will make an incredible difference to finding a way forward.
2) A pecuniary gift is a fixed amount of money.
3) Specific items. These are particular items, such as a house, stocks and shares or jewellery. Anything that’s of financial value to you. We will sell items like this in order to raise much needed funds.
4) Trusts – If you think you would like to create a trust in your Will we recommend speaking to your solicitor. The most common trusts are where a supporter gives a friend or relative the opportunity to live in their house for the rest of their life – receiving the house once the friend or relative has died. There are, however, many other uses for trusts.
Ways to leave a gift in your Will
When writing or updating your Will, we would recommend using a solicitor or an experienced Will writer.
To help you plan:
Will Planners can help you think through what you want to leave. Theyare available from Will Aid:www.willaid.org.uk/will-makers/materials
Will-writing services can be found through the Institute of Professional Will Writers: www.ipw.org.uk
South Gloucestershire solicitors can be found by postcode:https://solicitors.lawsociety.org.uk/
So if I want to give a gift in my Will to Citizens Advice South Gloucestershire, what information do I need?
Our registered name: Citizens Advice South Gloucestershire
Our registered charity number: 1037480
Our registered address: Kennedy Way, Yate, South Gloucestershire BS37 4DQ
If I have added you to receive a Gift in Your Will do I need to let you know?
No, not at all! We would be delighted to know if you have so we can keep you updated on our future vision and plans (if you would like to know) and it would help us anticipate future financial planning, but there is no obligation.
If I’m interested in finding out more, where do I go? Please phone our admin line to speak to Katie Collier (with no obligation) on 01454 334961.
Read our Giving A Gift In Your Will leaflet here: Legacy leaflet Large