Remember us in your Will

The most usual gift types are:

• a sum of money which can be any specific amount which suits your circumstances

• a percentage of what you are worth – formally it is called a residuary gift. It can be 1% to 100% of your “estate” – again whatever suits your own circumstances. Leaving just 1% to Age UK Solihull can help us help future generations of older people in Solihull, while those closest to you would still be left the remaining 99%.
• a contingent gift - a gift in your Will that depends upon the occurrence of an event which may or may not happen is known legally as a contingent bequest. An example is a gift to a charity which applies only if other beneficiaries named in the Will die before the testator (person who made the Will).

Inheritance tax is complicated, but it is surprisingly easy to avoid paying it or reducing the amount payable! It is likely that for every £1000 you leave us, your estate would save £400 inheritance tax, but please take professional advice.

A Letter of Wishes is a document that accompanies your Will. It is not legally binding but can guide your executors (and appointed trustees if you have them) to ensure your personal wishes are carried out. It gives you great flexibility to meet your current wishes without the need for expensive future changes to your Will.

You must take care that a Letter of Wishes does not contain anything that could conflict with the Will. The Letter can advise on anything, but most common uses include:

• Any charities you would like to benefit (giving the Executors the final choice of fulfilling your wish, or not, depending on whether there are enough assets for other beneficiaries).
• Who to notify of your death, or in some cases, who not to tell!
• The style of funeral you want, whether you want burial or cremation, and any specific instructions regarding the service, where you would like to be buried or have your ashes sprinkled.
• Whether you would like flowers or donations in memory of a loved one to charity of your choice such as Age UK Solihull.
• Suggesting guardians for your children and how you would like your children to be raised, their upbringing, education, and where they live. These details should be reviewed as the children grow up.
• Who you would like to look after any pets/animals you own.
• Giving more detailed information to help your executors identify specific items you are giving away in your Will.
• Providing explanations as to why you have excluded someone from the Will, if you think that it may be a controversial decision or challenged later.

A Letter of Wishes should be written in plain English, signed and dated, but not witnessed to avoid any claim that it has become a legal Will or codicil.

Your professional adviser can also draft Lasting Powers of Attorney. There are two lasting powers of attorney – one for financial decisions and another for health and care decisions. But they can be invaluable for you, your children and other older relatives who are not in a position to manage their own affairs. Again, it is important to take professional advice to make sure they are phrased to suit the needs of your whole family. 

This information is guidance, not legal advice. Always contact a solicitor or legal professional before including a trust in your Will.