Questions and answers
Why should I make a Will?
A Will is the only way of making sure that your dependents are provided for in the way you wish after your death. If you die without a Will a court will appoint administrators to deal with the distribution of everything you own (your estate). They won’t know your wishes and you will have no control over how they divide your estate.
How do I know what to leave?
In order to decide what to leave, you must first value your estate. That means estimating the combined value of all your assets, including: your house and its contents; your car; jewellery and antiques; savings; investments and life insurance; business assets; and any money owed to you.
Once you have a total, deduct the value of the following: any money you owe; your mortgage; any overdrafts, loans, hire purchase agreements and credit cards.
The figure you come to is the value of your estate. Now you can draw up a list of everyone you wish to benefit from your Will, by how much and in what way – and decide whether you want to make a gift to Rainbows.
How can I be sure my Will is valid and accurate?
A Will is a legal document and trying to write your own can be difficult. One small mistake and it may be invalid. That’s why it is always best to have your Will drawn up by an experienced solicitor.
How much will it cost me?
The cost of a straightforward Will is normally under £150. It will be worth every penny to ensure your instructions are followed and your loved ones – and the causes you believe in – are provided for as you wish. Rainbows also provides a reduced cost will-writing service.
Why would I need to update my Will?
Keeping your Will up to date is as important as making one. Your wishes, circumstances and family arrangements can change over the years – influenced by factors such as marriage and divorce, the birth of children and grandchildren or receiving an inheritance. Any of these events would make an updated Will essential.
Will my loved ones have to pay Inheritance Tax?
Yes, if the value of your estate is worth over £325,000 (2012-13 figure), your loved ones will end up paying Inheritance Tax. Charity gifts are exempt, so your loved ones will only pay the tax on the value of your estate after this gift has been made. There may be other ways that you can further reduce Inheritance Tax and we strongly advise you speak to a solicitor or financial advisor if you require further guidance.
How do I change my will?
For information on how to change your will please visit our “Updating or changing your will” webpage here.