Writing a will is one of those things few people enjoy talking about, but it is a highly important thing to do. By leaving a will, you can rest assured that your assets and estate will be distributed exactly as you would like them to be. Anyone over the age of 18 can make a will, and once it’s written you can relax, knowing your affairs are taken care of.
Charitable Giving
Typically, we might think of a will as explaining how any inheritance is to be split between family members or friends. But did you know that it is also possible to leave a gift in your will? This may be to a charity you support or that supports you or maybe an organisation that is close to your heart. Whatever the organisation, they are known as a beneficiary.
How Should I Do This?
If you would like to leave a gift in your will, begin by ascertaining exactly what is in your estate in total. Then give careful consideration to how much you would like to leave to each. Write your will either by using a dedicated will writing service or by speaking with a solicitor. Charitable donations in wills are not always subject to the same inheritance tax rules according to Gov.UK.
You may also wish to consider arranging an LPA – a Lasting Power of Attorney. Unlike a will, this document protects you by allowing you to nominate a trusted friend or relative to act in your best interests should you lose capacity for some reason, such as dementia. An LPA can be arranged in person at a solicitor’s office, or you can arrange an LPA online by visiting specialists such as //powerofattorneyonline.co.uk.
What Else Do I Need to Consider?
Once your will is written, it is worth revisiting it every year or so to remind yourself of the contents and to change anything if necessary.
Ensure your will is kept in a safe place so that it can be found by others when needed.
