Have you ever thought about who will take care of children and pets or where specific items might go if you were to die? Making a Will often remains on a to-do list. Almost 70% of co-habiting couples have no Will, meaning that on death, the surviving partner would have no automatic right to inherit.
Making a Will clearly sets out your wishes and can help deal with risks, such as succession planning if you run your own business or potential inheritance tax pitfalls. It can also provide a vital source of income from any legacies left to charity. It can offer peace of mind that your estate will be distributed as you wish.
Throughout April Wills, probate and trusts lawyers, from various Gloucestershire solicitors, are donating their expertise and time, free of charge to write or update straightforward Wills. In return clients can choose to make a donation to local medical charity Cobalt. Suggested donations are £95 for a single Will and £150 for mirror Wills.
Simon Cook, partner and head of the Wills, probate and trusts team at Cheltenham solicitors, Willans LLP, said ‘A Will and a lasting power of attorney are the two most important documents you’ll sign in your life and with changes to inheritance tax coming into effect this April, it is important to have your Will structured in a way to ensure you are prepared and benefit from all available reliefs. Long after you’ve made one, a Will should be reviewed regularly to make sure it reflects your wishes, especially if you have a life changing event.’
A life changing event could include:
- marriage or entering a civil partnership as a Will is automatically cancelled by these events
- having children or other relatives you wish to benefit
- buying a new house or other expensive asset.
Make a Will Month is about highlighting the importance of making your wishes known and making sense of some of that legal lingo. It’s also a great way of thinking about helping a local charity, whilst ticking off that forever put off task on the to do list. Although there is absolutely no requirement to do so, you may choose to leave a gift to charity which can help reduce inheritance tax on your estate.’
Julia Jenkins, Head of Fundraising said’ We’re so grateful for the support of local solicitors with this. All people need to do is ring up for a pack or download one from our website Cobalt Make a Will month along with a voucher to redeem at the solicitors. Then choose and book an appointment with your preferred solicitor’.
Legacies have enabled Cobalt to fund some life changing services and equipment over the years including contribution to local, national and international cancer and dementia research programmes.
For more information about Make a Will month contact firstname.lastname@example.org or 01242 535922. Follow Cobalt on Twitter @cobaltfr where they will be sharing hints and tips around Will making.