Why it is Important to make a Will

I see on a daily basis the impact that Jewish charities have on the welfare and wellbeing of the Jewish and wider community: sustaining our community, reinvigorating and inspiring modern Jewish life, our Jewish arts, culture and heritage, and putting into

Approximately two thirds of adults in the UK have not yet made a Will. Lack of time, and the expense are the two reasons most frequently given. In fact, making a Will is a necessary aspect of personal housekeeping for anyone who is an adult, and who owns property, has savings or wishes to make guardianship provision for their children. Without a valid Will, if you die, you die intestate which means that where your assets go may well not reflect your wishes. I made my first Will in my twenties, which is unusual, but as a trainee Solicitor I was aware that making a Will gave me control over where my assets would go in the event of my death. My husband and I then made Wills a few years later, in contemplation of our marriage. It is important to be aware, that if you have made a Will and marry, unless the Will is made “in contemplation of that marriage” any existing Will is revoked. (This is not the case following divorce, and therefore it is important to take expert advice). As our life circumstances changed, my husband and I ensured that our Wills kept pace with our changing needs and motivations: It was important to us once we had children, to appoint suitable guardians for our children. We spoke to close friends who had agreed to act. The downside was that our children, were quite excited about the idea of going to live with their would-be guardians! We had to explain that it was only if both of us parents died that that would occur! Being active as a family in Jewish communal life, we have witnessed firsthand the importance of Jewish communal charities. Being able to turn to terrific Jewish Charities is such an advantage, and many times I have been so grateful that these services are there for us all. The lifeblood of these charities however is not Government funding but voluntary donations, and increasingly this is where a gift in a Will can be an opportunity to make a real difference to the future of these vital Jewish charities. I am now the Legacies, Trusts and Foundations Officer at JW3, the unique Jewish Community Centre and cultural venue on the Finchley Road. We are a member of Jewish Legacy, along with some 45+ other Jewish charities. Together, Jewish Legacy raises awareness of the importance of gifts in Wills. Now that our children are reaching adulthood, my husband and I will be reviewing our Wills again. We will naturally be taking care of our family, but also remembering those Jewish charities that are meaningful to us. It is generally a good idea to review whether a Will meets your needs every ten years or so, unless there is an earlier significant change in your circumstances. Making a Will and reviewing it periodically to deal with significant life changes is a sensible and simple part of personal housekeeping. It need not be expensive, and ensures that our Wills continue to accurately reflect our needs and wishes, lifting the burden of difficult decisions from our family and making sure that those we care about are properly provided for. Making a Will is not a pessimistic step, look at it as you would regard putting in place your car or house insurance. It is also a fantastic opportunity, if you wish, to consider leaving a gift in your Will to a Jewish charity that is meaningful to you. It is worth noting also that leaving charitable legacies in your Will worth 10% or more of your taxable Estate reduces the rate at which Inheritance Tax is paid by the Estate from 40% to 36%. In some instances (and it is important to take expert advice) this can mean that leaving more generous charitable legacies in a Will can actually increase the sums family and friends therefore receive. I run legacy information events at JW3. Why not join me for a cup of coffee and an informal chat about legacy-giving at JW3’s Legacy Connection On Tuesday 12th and 19th February 2019 12.30pm-1.15pm and Wednesdays 29th and 27th March 2019 12.30pm-1.1.15pm.