Creating a Will is an important step in planning for the future, allowing you to ensure that your children and estate are in good hands after your death.
But what can and can’t you leave in a Will? Can you leave property, pets, money for charity?
In this article, Wills & Tax Paralegal Chloe Hayter discusses what you should include in your Will.
What can I leave under my Will?
Your Will deals with any assets that you own when you pass away. This can include property, stocks & shares, Premium Bonds, bank accounts, ISAs, personal belongings etc.
When it comes to distributing your estate, there are different ways in which you can leave your assets. You may wish to specifically gift a certain asset or a cash sum to an individual (for example, you may wish to leave your jewellery to your daughter or the sum of £5,000 to my Grandson).
Any assets that have not been specifically disposed of in your Will forms part of your Residuary Estate. There will be a clause at the end of your Will leaving your Residuary Estate to your chosen beneficiary/beneficiaries.
You may also wish to include funeral instructions in your Will, such as details as to your preference of burial or cremation. This part of your Will is not binding and is used as a guide to your Executors and family as to what your wishes were. This can make it easier for them to arrange your funeral when the time comes.
Further, your Will can include provision for your children, provision for any surviving pets, provision for charities and any digital assets. See below for further details.
What happens if I don’t have a Will?
Without a Will in place, the distribution of your assets is decided for you, through the intestacy rules meaning your nearest blood relatives will inherit.
These rules may not reflect what you wish to happen. For example, someone who you wish to inherit, may not. Alternatively, someone you do not wish to inherit may do so.
Considering the above, by writing a Will you can decide who is to inherit your estate.
You can use our flowchart to find out exactly what would happen to your estate if you were to die intestate here, and find out more about how intestacy rules decide your children’s future here.
Can I make Provision for my children in my Will?
Your children’s wellbeing is likely to be your top priority. A clause can be added to your Will appointing a Guardian to take care of them, and giving that Guardian parental responsibility, after your death.
The appointment of your Guardian will only take effect if there is no surviving parent already with parental responsibility.
This clause directs the Court as to your wishes if everyone with parental responsibility passes away and your children are still under the age of 18.
Read here for further information on what is parental responsibility and who has it?
Can you gift a pet in your Will?
Many families now have pets that are considered a part of the family. Don’t worry, pets can also be included in your Will.
Within your Will, you can confirm who is to look after your pet when you pass away. You can also provide whether the new owner will receive a sum of money to look after your pet and if any equipment is to also be left to the new owner.
If you are unsure on who can be trusted to look after your beloved pet, then you can direct your Executors to contact a charity who will re-home your pet on your Executors behalf.
Can I leave money to charity in my Will?
Leaving money to charity is a lovely way of supporting a worthy cause, perhaps something that is close to your heart, and is something that many people choose to include in their Will. This can be done by leaving a specific cash amount to charity or to include them as a Residuary Beneficiary. If you do not have a specific charity in mind, you can direct your Executors to pick a charity of their choosing.
Charities are an exempt beneficiary for Inheritance Tax meaning that any assets left to a charity passes at a rate of 0% instead of the usual 40% rate. Leaving a gift to charity can be a good way of reducing your overall Inheritance Tax liability (whilst helping out a charitable cause).
Further, if you leave at least 10% of your net estate to charity, you may qualify to pay a reduced rate of Inheritance Tax at 36% (this is reduced from the usual 40% rate as mentioned above).
It’s not just cash that can be left to a charity, you can also donate a property or any personal items that you may have.
Find out more about leaving money to charity in your Will here.
How to leave digital assets in a will?
With digital technology playing a larger role in our lives than ever before, you may wish to, for example, pass on digital photos stored in the cloud, or access to social media accounts.
For tailored advice on this, please get in touch with our bright Wills Team on 01202 499255.
Specialist Will Writing Solicitors
When drafting your Will, a dedicated specialist will discuss your family circumstances with you together with the assets that comprise your estate. They will then be able to advise and assist you with any questions you have on what to include in your Will.
A specialist will ensure that any risk of a dispute arising from your testament is limited.
At Frettens, our bright team of Wills experts would be happy to assist you with your Will.
If you would like to speak to a member of our team, or ask any questions, please don’t hesitate to get in touch on 01202 499255. We offer a free initial chat for all new clients.
Comments