How to make your Will
Please note: Rainbows advises anyone making or updating a Will to seek independent advice from a practising solicitor or other legally qualified Will writer.
Making your Will can be broken down into three broad and simple steps.
Step 1. What have I got to leave?
Before you go to your solicitor, try to make a list of all the major assets you have, your house or any property you own along with any of the contents. Antiques, jewellery and furniture can all be listed as assets.
Further assets could be bank or building society accounts. Any savings should be considered along with stocks and shares that you may own.
Step 2. What to leave to whom?
This forms the main part of any Will. The technicalities can be quite complex but don’t let this put you off, solicitors can help you with this process. It’s a good idea to have thought through who you would like to receive gifts. By making your Will and ensuring it is up to date, you can help put your affairs in order and look after family and friends when you are gone, as well as making a difference to those that you value such as your favourite charity.
Step 3. Make use of a solicitor
It shouldn’t take too long, but it is very important to involve a legal professional to draw your Will up for you. You will need to choose executors to your Will to ensure that your wishes are taken care of after you have gone, often solicitors act in the capacity of an executor. If the legal formalities are not followed correctly, your Will could be declared invalid.
Types of donation
The most common types of donation are described below:
- Residuary – This type of legacy is a share of the estate or, more accurately, what is left of the estate after all the debts, costs and other bequests have been settled.
- Pecuniary – This is a fixed sum of money (e.g. £500, £5,000) specified in a Will as a gift. Pecuniary bequests are not usually subject to inheritance tax.
- Specific – This is a specified item e.g. ‘diamond solitaire ring’. Specific bequests are not usually subject to Inheritance Tax.
Will wording examples
If you would like to include Rainbows Hospice for Children and Young People in your Will, we’ve provided examples of a residuary bequest and a pecuniary bequest to take along to your solicitor:
- I leave all the residue of my estate or a XX% share of the residue of my estate (without the deduction of Inheritance Tax).
- I leave the following objects or articles <describe here> free of the expense of delivery.
- I would like to change my Will to benefit Rainbows Hospice for Children and Young People, Lark Rise, Loughborough, Leicestershire, LE11 2HS registered charity number 1014051, for its
general charitable purposes absolutely. I leave the sum of £XXX (amount in figures and words).
To view these options in more detail please view our codicil form here.
If you are going to leave a donation to Rainbows in your Will we’d be really grateful to hear about it. Please get in touch with Gill Smitherman on 01509 638 058 or firstname.lastname@example.org.