Gifts in wills fund over a third of Cancer Research donations, and 60% of all charitable donations to Lifeboat launches, but those who do not leave a will run the risk of leaving nothing to their loved ones or family. Many believe that their finances are not complicated and therefore do not require to leave a will
Without a will the vast majority of your possessions will be passed down to a spouse or family, however, some may not receive any money.
However, by not having a will, your loved ones may receive less due to inheritance tax. One way to reduce an inheritance tax is to make a gift to charity in your will. If you leave 10 per cent of your estate to charity the tax due will be at a reduced rate of 36%. Alternatively giving those you wish to receive money while you are still alive is an option to reduce inheritance tax and the amount your family or loved ones may not receive.
James Antoniou, head of wills at the Co-operative Group, said: “It is important to ensure your loved-ones are taken care of and that there is no confusion.“If you have children it also allows you to name guardians who would look after your children in the event of your death.”
Plan Your Will
Antoniou also stated that the only way to ensure that your estate is left to the correct person is to plan a will with a solicitor ensuring that you have left money for those left behind.
For advice on creating and leaving a will, contact our team for confidential advice about leaving an estate by calling 0141 222 7951 or using our online contact form.