We hope that the following information will help you in making your will, as this is one of the most important things you will do in your life. If you don’t make a will then the law will decide who inherits your property or possessions and the individuals or charities you wish to inherit may receive nothing.
The WRIGHT Foundation Research hope you will consider leaving a gift in your will, be it large or small. (About Us) Your support will help improve the lives of many people by putting in place, through dedicated research, specialist rehabilitation through Exercise Referral supporting people who have suffered through Coronary Heart Disease, Lower Back Pain, Child Obesity & Pulmonary conditions. Did you know that an additional benefit to leaving a legacy to a charity can save you inheritance tax?
A legacy is a tribute to you, which leaves a lasting memory and something that will always be remembered. Leaving a legacy is fairly easy and should not be complicated. To help you through the process we have put together some advice to help you.
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The importance of leaving a will
Although this is not a subject that many of us like talking about it is, however, an ideal opportunity to put your affairs in order and to remember those who have been closest to you over the years. Your will has an important role in providing for your family, friends, loved ones and causes you support.
Making a will helps to give peace of mind in knowing that your wishes will be carried out and that your affairs will be put in order allowing you to decide what will happen to your property and possessions.
If you do not make a will there is no control over who may inherit your worldly goods. By investing in the time now, putting your affairs in order, this can be avoided.
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Choosing a solicitor
It is possible to write your own will; however, we do recommend that you get the services of a solicitor to draw up the will on your behalf. If you do write your own will, and have no legal training then you may end up making a will that is not legal or valid. If you are also not sure of the value of your estate, then the solicitor will be able to help you with this.
Your will is a legal document, so we recommend that you do consult a solicitor before making a will or amending an existing will. The cost is not high and tends to be fairly inexpensive, but getting the information correct will give you peace of mind and will ensure that your estate should be easily handled by your appointed executers.
You can find a solicitor by looking through you local telephone directory, yellow pages, by searching the web or in many cases by simply asking your family and friends.
Choosing your executors
Executors are the people appointed by you to carry out the instructions laid out in your will. It is advisable, however, to ask the people you wish to be your executers, beforehand, to ensure they are happy to undertake your wishes.
You can have only one person as executor; however many people do appoint two. More than two can also be appointed, but this can make the process of administering your wishes long and drawn out. It is also quite appropriate to appoint a solicitor to be your executor, but this may be an added expense to your estate. It is always worth finding out what the costs for the service would be before appointing a solicitor.
The executor’s role is a very responsible role and can be quite onerous; therefore, it is important that you choose executors that you trust and that you explain to them fully what their duties will be, so that they are aware how important the role of an executor is and that their duties should not be taken lightly.
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Thinking about what you have to leave
To find out how much you have to leave, you’ll have to work out what you own and what you owe. It is beneficial before going to see your solicitor to draw up a list of your assets:
Things you should consider
Property – your home, holiday homes, etc.
Vehicles – cars, boats, motor bikes etc to include any outstanding loans .
Household effects – furniture, etc.
Individual Items – jewellery, pictures, books, antiques etc.
Savings or cash – income in bank or building societies, National Savings, etc.
Insurances – Pensions, insurance policies, death benefits, etc.
Stocks & Shares.
N.B. This is not a definitive list; your solicitor will give you full guidance.
Choosing who you wish to benefit from your bequest
If you have children, immediate family or close friends, you will probably want to secure their future first. After ensuring your loved ones have been provided for, you may choose to leave a bequest to your favourite charity. We hope that you may consider including a gift in your will to benefit the work of Wright Foundation Research. All charitable bequests are completely free of inheritance tax.
There are many ways you can leave a gift. These are listed below click on the link for a brief description of each method.
Residuary Bequest and example wording
Residuary Bequest is left over, a percentage of what is left from your estate after all debts, taxes and specific gifts have been paid. This type of bequest is the most advantageous to charities as it is effectively inflation proof.
Example wording:- I give all / a share [please state the percentage or fraction] of the residue of my estate absolutely to WRIGHT Foundation Research (charity registered address), c/o Miller, McIntyre & Gellatly, Chapelshade House, 78-84 Bell Street, Dundee. DD1 1HW. Registered Charity Number SC037179, to be applied by WRIGHT Foundation Research for its charitable purposes, and I direct that the receipt from WRIGHT Foundation Research shall be sufficient discharge.
Pecuniary Bequest and example wording
Is leaving a specific sum of money to a relative or friend.
Example wording:- I give to WRIGHT Foundation Research (charity registered address), c/o Miller, McIntyre & Gellatly, Chapelshade House, 78-84 Bell Street, Dundee. DD1 1HW. Registered Charity Number SC037179, the sum [write in here the amount in figures and the amount in words] to be applied by WRIGHT Foundation Research for its charitable purposes, and I direct that the receipt from WRIGHT Foundation Research shall be sufficient discharge to my executors.
Specific Bequest and example wording
A specific item of property that is left to a named beneficiary, such as property, an item of jewellery, an antique, a picture, books or any other personal possession you wish a person to have.
Example wording:- I give to WRIGHT Foundation Research (charity registered address), c/o Miller, McIntyre & Gellatly, Chapelshade House, 78-84 Bell Street, Dundee. DD1 1HW. Registered Charity Number SC037179, the sum [write in here whatever item/s you wish to give] to be applied by WRIGHT Foundation Research for its charitable purposes, and I direct that the receipt from WRIGHT Foundation Research shall be sufficient discharge to my executors.
Conditional Bequest
A gift which will take place only if a particular event has occurred by the time the maker of the will dies for example ‘a gift that would take place if the person you first intended it for dies before you’.
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Keeping your will safe
Once your will is drawn up and has been signed, it is important that you keep it in a safe place. Your solicitor can keep it for you and you should also keep a copy for your own reference. Also ensure that your executors know where the original is kept.
It is also very important to keep your will up to date as you personal circumstances may change, for instance; if you re-marry or are widowed, or have additional family or if one of your executors dies or perhaps moves address.
The WRIGHT Foundation Research would like to take this opportunity to
THANK YOU FOR YOUR SUPPORT