Wills and Legacies FAQ's
How to make a Will
There are three options available to you when choosing how to write your Will
- Write your own: There is always the potential for major errors this way, and if it should happen, it can complicate matters and mistakes can be expensive to resolve. You can buy a template of a Will in stationers and simply fill it in yourself. It needs to be validated by two independent witnesses who must sign the document.
- You can go to a Will Writer, who is not a qualified lawyer and will still charge you for making your Will.
- The third and most recommended option is to go to a solicitor. They pay significant insurance premiums to protect their clients if they should get it wrong. For a typical fee of around £200, this will ensure your Will is legally valid. It might even be that you qualify for Legal Aid on financial grounds or because you are over 70 years old. To find out, log on to www.citizensadvice.org.uk.
Basic Legal Requirements of a Will
- Your Will must be in writing
- You must identify yourself as the author of the Will
- The Will must be dated and signed by you in the presence of and attested by two witnesses who are neither a spouse nor a beneficiary under the Will.
Please Note: It is possible to make your own Will, but because it is a legal document, you are strongly recommended to seek professional advice in the form of a solicitor. This is not as expensive as most people think and doing so will ensure that the requests you make under your Will are legally binding.
Who can make a Will?
Anyone can make a Will, as long as they are at least 18 years old and of sound mind.
How to keep your Will safe
Once you have made your Will and it has been signed and witnessed, store it in a safe place or with your solicitor or a trustworthy relative or friend. Make sure that your executor(s) are informed where the original Will is being kept and keep a photocopy for your own records.
You can ask your solicitor or your bank (usually for a fee) to do this. Alternatively, for a charge of approximately £15, you can request to keep it at:
The Record Keepers Dept
Principal Registry of the Family Division
1st Avenue House
High Holborn
London
WC1V 6NP
Tel: (020) 7947 7022
How to review or make changes to your existing Will
It is recommended that your review your Will on a regular basis, say every 3 years, to keep abreast of small changes in your circumstances. Significant changes in your circumstances may make it necessary to make a new Will. This is particularly important in changes relating to marital status. In many cases, marriage, children and divorce may affect the validity of a Will.
If you have already made a Will, you can still remember us by adding a Legacy or Codicil to your existing will. This process is fairly straightforward, and can be drawn up by a solicitor.
NB. Altering your will by crossing out or adding words may invalidate it in the eyes of the law.
Codicils
For minor alterations, you may just need to add a Codicil. A Codicil is simply an addition or alteration to the existing will so you can add extra gifts or alter amounts being shared without making a completely new Will.
- Codicils must be signed and witnessed by two people in the same way as a Will. They need not be the same people who witnessed the original Will and they should not be beneficiaries either under the original Will or this or any other Codicil.
- A Codicil should be kept with the Will it changes to be sure that it is not overlooked
- A Codicil should make clear that it refers to the Will it alters.
Different types of legacies
The term legacy can also refer to the type of gift you leave in your Will. There are many types of legacies and each is of value in different circumstances.
Residuary Legacy
- This is where you leave a share or percentage of your whole estate after all other gifts to family and friends have been distributed.
- This is the best type of legacy you can leave to a charity as its value increases in line with inflation.
Pecuniary Legacy
- This is simply a fixed amount of money, for example ‘I leave the sum of £10,000 to XYZ’. Unfortunately, the value of this type of legacy can be eroded over time due to inflation.
Contingent Legacy
- This is where you leave a contingent gift(s) - these are gifts, which are dependent on a certain event happening at a fixed or uncertain date. An example is a bequest to a charity which applies only if other beneficiaries named in the Will die before the testator (person who made the Will) or a if there are conditions attached which cannot be met, in which case it would stipulate that the estate would then revert to a charity.
Specific Bequest
- This is a particular named item left as a gift in a will. For example, a piece of jewellery, furniture, a painting etc.
Reversionary or life interest
- In this type of legacy, a clause is made such as ‘My house is given to xyz with a life interest to my daughter’. What this legacy does is it gives the relative the right to live in the house during their lifetime, but on their death, the right of the property reverts to the charity. This can be a useful way of carrying out a responsibility to your family whilst at the same time ensuring a valuable legacy to charity.
Where your gift goes
If you have a specific area/project you would like your money to go towards, please let us know and we will ensure we do everything we can to grant your wish. However, we cannot always be sure of any work we do in the future. If you would like your friends and family to be involved in deciding where your money goes, we will be happy to help them.
We hope you will consider making a gift to ORFACT in your Will. If you would like further information or wish to discuss any aspect of a legacy please call us on 020 8358 4483. If you would like help with the wording of a bequest in your Will for either a share of your estate, or for a specific item or sum, please call us on 0208 358 4483 or email legacies@orfact.org.uk.
Alternatively, you can write to us at:
ORFACT HOUSE, Jubilee Close, Kingsbury, London NW8 8TR.
You can also use our online form to contact us and receive your free information pack on how to leave a legacy to ORFACT.
Disclaimer
All material on this website is for general information only and does not constitute investment, tax, legal or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation.
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