Five Things Everyone Should Know About Making a Will
Making a Will is one of the most important things you can do for the people and causes you care about. It gives you the opportunity to decide what happens to your estate, provides clarity for your loved ones and, if you choose, allows you to leave a lasting legacy to charities that matter to you.
Whether you’re writing your first Will or reviewing an existing one, here are five things worth knowing.
1. A Will gives you control
If you die without a valid Will, the law decides how your estate will be distributed. That may not reflect your wishes and can create unnecessary uncertainty for those you leave behind.
Having a Will gives you control over what happens to your estate and can make things much simpler for your family and friends.
2. Your Will should be reviewed from time to time
A Will isn’t something you write once and forget. It’s sensible to review it after significant life events, such as getting married, separating, having children, moving home or experiencing major financial changes.
Keeping your Will up to date helps ensure it continues to reflect your wishes.
3. Professional advice can provide reassurance
While it is possible to write a Will yourself, many people choose to use a solicitor or professional Will-writing service, particularly if their circumstances are more complex.
Different providers offer different levels of regulation and protection, so using a suitably qualified and regulated professional can provide reassurance that your Will is valid and does what you intend.
4. Leaving a gift to charity is straightforward
When making your Will, you’ll decide how your estate should be distributed. You may choose to leave fixed sums of money, specific possessions or a percentage of your estate to family, friends or charitable organisations.
If you decide to leave a gift to a charity, you’ll simply need to include the correct charity details within your Will.
There may also be inheritance tax considerations. In some circumstances, leaving at least 10% of your estate to charity can reduce the rate of inheritance tax on the remainder of your estate. A solicitor or professional adviser can explain how this may apply to your individual circumstances.
5. Even a small gift can leave a lasting legacy
For many charities, gifts left in Wills provide vital support that helps continue important work for generations to come. Whatever the size of the gift, it can make a meaningful difference to the causes that have mattered throughout your lifetime.
For Cambridge Past, Present & Future, legacy gifts help protect the landscapes, green spaces and heritage that make Cambridge special, ensuring future generations can enjoy and benefit from them too.
Thinking about making or updating your Will?
If you’re considering making or reviewing your Will, speaking with a solicitor is a good place to start. If you’re thinking about leaving a gift to Cambridge Past, Present & Future, we’re always happy to provide information about how legacy gifts help support our work, with no obligation and no pressure.
