Gifts in wills

The sooner you make a Will, the sooner you’ll be in control of your assets. If you pass away without leaving a Will, then the rules of intestacy will apply to your estate.

If you already have one, it’s important to review it when your circumstances change; such as if you marry, divorce, have new additions to your family, or move house.

A will can be made on a sheet of paper and be written as you like, as long as it’s signed by you and witnessed as required by law.

But an invalid will, or one with conflicting instructions, could be challenged in court. This can cause issues for those you love and will cause them additional stress and expense of a lawsuit. That’s why it’s best to work with a professional.

A qualified solicitor can guide you through any unfamiliar legal language and any issues that may affect your estate. If you don’t have a solicitor, The Law Society (opens in new window) has lots of information on how to choose.

Your executor will make sure your wishes are carried out. It’s always a good idea to name more than one executor. It can be anyone you trust, most people choose a friend, relative or solicitor. Your executor can inherit from your will as well as beneficiaries.

Your will is yours, which means you can include what you want in it, things like:

• what happens to your children, or pets
• who gets any property you own
• what happens to your Facebook and social media accounts
• where your favourite jewellery goes.

Before getting started it’s worth listing your assets and any sentimental items you’d like to leave. You should also think about the arrangements for your children’s care, if there is a charity you’d like to support, and whether you’d like to leave specific instructions for your funeral.

A gift to charity will be taken off the value of your estate before Inheritance tax is calculated. However, if 10% or more of your estate is left to charity, your inheritance tax will be reduced from 40% to 36%.