Make a Will and make it count

Making a will gives you peace of mind, knowing that your wishes will be carried out after you die. Dying without making a valid Will, is called 'intestacy' the law then decides how your estate is divided.

Create a future... 

Remember a Will is a legal document. Legal words have precise meanings and can be interpreted differently from words you may use, so it is advisable to consult a solicitor to help prepare your Will. it can be comparatively inexpensive if you compare the cost to your family should you die intestate. Prior to visiting your solicitor you should think carefully about who you wish to be beneficiaries of your Will. You will also need to select two people as executors; they will be responsible for insuring that your wishes are carried out as stated in your Will. they should also know where to locate the Will after your death. Make sure you keep copy at home so you can refer to it should you wish to at any time as your circumstances may change before it comes into effect. Simple additions or changes can be made by the use of a Codicil, without the need to alter the entire Will. This should be kept with your existing Will but as a separate document. A solicitor will be happy to advise you on the best way to update your Will. 

Inheritance Tax is reviewed every year by the Chancellor, this determines the amount a person can leave before tax is levied. You may be surprised at how much your whole estate is worth and be close or even over the limit. A gift to charity may reduce the level of Inheritance Tax to which your estate is liable. Again a solicitor can advise you further. Any gifts left to a spouse, charity, political party or public benefit, are not subject to Inheritance Tax. These gifts are also deducted from the value of your estate before Tax is calculated.

...a life... 

Four types of legacy you can make.
A pecuniary bequest
Where a person or organisation receives a specified sum of money.
A residuary bequest
Once your pecuniary bequests have been made, how you wish the residue to be divided. This can be split however you like between one or more named individuals or charities or both.
A specific bequest
A gift of a particular item, to a named person or organisation.
A reversionary bequest
Where the gift will only be made to the final beneficiary after the death of a partner or named person. Or to specify what happens with regard to a particular bequest should the beneficiary die before the person making the Will. 

In law it is vital that charities should be fully and correctly described in a Will to avoid uncertainty and any chance of the donors wishes not being carried out. 

The following wording is suggested: 

'I give the sum of £xxxx (or you may wish to give a proportion, for example one quarter or other fraction) share of the residue of my estate to: 

The AAIR Charity RCMB 
Mailpoint 810, Southampton General Hospital 
Tremona Road Southampton 
Hampshire,SO16 6YD 
Registered Charity Number: 803715 

either for its general purpose of for the benefit of 

……………………………………………………………………………………………………
or for the particular purpose of 

…………………………………………………………………………………………………… 

……………………………………………………………………………………………………
and I direct that the receipt of the Director of Finance or other proper officer of the said charity shall be sufficient discharge to my Executors.' 

If any funds are bequeathed in this way to the charity, the wishes of the donor will always be fully honoured and respected.

... a legacy. 

Thank you for thinking of AAIR. 

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