MAKE THE MOST OF FREE WILLS MONTH AND GET YOUR AFFAIRS IN ORDER
Take advantage of Free Wills Month to get your estate in order and make sure your loved ones are looked after
More than half of British adults haven’t made a Will, according to the charity Will Aid. But the truth is, it’s not as intimidating as you might think. Get your finances in order and you can guarantee your possessions and assets are transferred seamlessly to your loved ones when you pass away — and help to reduce inheritance tax. Without a Will, your family may end up facing significant financial problems, emotional turmoil and drawn-out disputes, especially when it comes to murky factors such as unmarried couples and custodial issues for those under-18.
It’s fortuitous, then, that it’s Free Wills Month. The scheme runs every March and sees over-55s granted free access to a Will-writing service with a participating solicitor.
Simply log onto the Free Wills Month website ( freewillsmonth.
org.uk) and enter your postcode, to find a participating solicitor in your area. Most solicitors charge around £150 for the service, but via this charity-backed scheme, the fee is waived. Instead, the expectation (although not the obligation) is that you’ll leave some of your estate to selected charities when you pass away — something they rely heavily on.
A record £2.85bn was donated to UK charities in 2018 via legacies in Wills — that’s a 30% rise on the previous year. There’s good news for you, too, as charitable gifts left in a Will are usually exempt from inheritance tax.
In simple terms, if your estate is worth more than £ 325,000, the executors of your Will may have to pay inheritance tax at 40%. However, it’s possible to reduce this bill to 36% by leaving 10% or more of your estate to charity.
Most solicitors charge around £150 for the service, but via this charity-backed scheme, the fee is waived