Frequently asked questions about Wills
Leaving a gift in your Will doesn’t have to be complicated. Here are some frequently asked questions which will hopefully help you through the process.
Why make a Will?
Without a Will, your estate will be divided according to the law, which may not be in accordance with your wishes. Everyone should make a Will as this is the only way you can make sure your Estate is distributed the way you want it to be. It equally important that it should be drawn up with the help of a solicitor to ensure your last wishes are met.
What is a legacy?
This is a gift left in your Will. It can be in the form of a specific value, a percentage of your estate or a specific item.
What if I change your mind?
This is your Will and it is entirely up to you if you change your mind about your gift. You can change the content of your Will at any time. We understand and respect that your decisions about your will are private, personal and made after much consideration. We will never pressure you to declare your intentions, of course, we’ll always be pleased to hear from you, so we can say thank you.
How can I find a solicitor?
I’ve already made a Will. Do I need to make a new one?
You do not need to make a new Will. Instead, you can add a codicil to your will and send it to your solicitor. A codicil is a document on which changes or additions are made to an existing will and must be read in conjunction with it.
What kind of gift should I leave?
There are three main types of gifts you may leave in your will. All three are tax-free:
- a percentage of your estate (a residuary bequest) - is the whole or a percentage of what remains of your estate after all other legacies and expenses have been paid. These gifts are very important to us as they usually maintain their value or increase over time.
- a specific sum of money (a pecuniary legacy) - is a gift in your Will of a set amount.
- a specific item - could be something valuable such as antiques, paintings or even property.