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Couple over 55

04
Mar

2019

In October we provided you with information on Free Wills Month in our blog 'Get a free Will with Free Wills Month' detailing how anyone over the age of 55 can have a free Will written.

Book an appointment for a free Will

This is just a reminder that Free Wills Month occurs every year in March and October. There is a limited supply of free Wills, therefore if you missed out last October you can try again to apply for an appointment. Appointments are on a first come, first served basis, so if you want to take advantage, do act quickly.

In order to get your free Will, you need to visit the Free Will Month website in order to find a solicitor and charity participating in the scheme.  

What do you need to include in a Will?

When writing a Will, you need to consider the following:

Appointing an Executor for your Will

You need to select an Executor, normally a trusted relative or friend, who will be responsible for making sure that the wishes stated in your Will are carried out. 

Nominating guardians for your dependents

In the event of your death, your appointed guardian will be responsible for looking after your children until they reach adulthood.

Valuing your estate

You need to take into consideration your major assets such as; a home, a car and any other items of value and then deduct any liabilities such as; outstanding mortgage, loans, credit cards, etc.,  in order to determine the net value of your overall estate.

Detailing your bequests

Based on the value and contents of your estate, you need to decide who will benefit from your legacy. A bequest could be; a specific item such as jewellery, a set amount of money (pecuniary bequest) or a percentage of your estate (residuary request). Anyone who receives anything in your Will is classed as a beneficiary.

Funeral instructions

Outline any particular funeral wishes that you have or provide details of any funeral plan you have taken out.

Leaving money to a charity in your Will

In Free Wills Month, the charities fund the cost of writing the Will in the hope that you will support them by leaving them a gift in your Will. Donating to a charity in your Will is quite simple, your chosen charity just needs to be included as a beneficiary.

In addition to donating to a good cause, by including a charity in your Will you might benefit from a reduced Inheritance Tax bill, as donations to UK established charities are tax exempt.

If you do decide to take advantage of Free Wills Month, you are not obliged to leave a bequest to one of the Free Will Months charities and details of your Will are not disclosed. The only documentation sent on to Free Wills Month is a confidential declaration form asking questions such as; how people heard about Free wills Month, their age and whether a gift was left to one or more of the Free Will Month charities.  

Dying without a Will

Writing a Will is important, with recent statistics suggesting that two thirds of people die without having a valid Will in place. Dying without a Will in place is classed as dying interstate and the government decides what happens to your estate, rather than you. If you need any advice about Will writing, Funeral Planning Experts can put you in touch with reputable Will writers.

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