Leave a gift to charity in your will Writing a Will is one of the most important decisions many of will face in our lives, and one that many of us think will be far more complicated and expensive than it actually will be. While it can be daunting to have to sit down and think about what happens after we die, and to have to calculate how our assets will be divided up, most people feel a great deal of relief once the process is over. Writing a will for most people can be done for free, and is sufficiently simple to complete online. Why should I write a Will? If we do not have a Will, when we die, your assets will often be divided up in a way you don’t really intend, or could be subject to lengthy legal disputes by people who feel they have a claim on your assets. By writing a will you ensure your own preferences are carried out, but writing a Will will often ensure that your family and friends will pay the minimum amount of inheritance tax on anything you leave to them. Leaving money to charity can reduce your tax bill The government (as of Oct 2018) encourages people to leave money to charities in their wills by reducing their inheritance tax. For example, if your net estate (after allowances are taken into account) was worth £250,000, after inheritance tax (IHT), your family would inherit £150,000. But, if you decide to leave 10% of your net estate to Norwood — £25,000 — your tax rate is reduced, so your family still inherits £144,000. Thanks to the tax change, your generous donation of £25,000 to Norwood costs you just £6,000. It’s “gift aid on steroids”. Everyone’s tax situation is different, and you should always seek independent financial advice, or speak to our independent Ravenswood Trustees before committing to leaving a gift in your will to Norwood. Read more about writing a will Free Will writing services There are a number of legal firms that provide a free Will writing service using a simple to complete online form. Read more Is a Will legally binding? Usually a Will is legal once it has been signed and witnessed. Read more Beneficiaries Some rules can limit who benefits from your Will, and we can guide you though them. Read more What to include in a Will A guide to what must be included in a Will to ensure your wishes are fully complied with. Read more Trust funds For relatives with learning disabilities, a trust fund can be a way of preserving their inheritance and state benefits. Read more Inheritance tax How does inheritance tax affect how you write a Will, and how you can reduce it. Read more What to do after writing a Will Once you’ve written your Will, what to do next with it. Read more What happens after death? Learn where Wills are stored and how they can be processed after death. Read more Will myths Lots of myths are shared about writing a Will – lets bust them. Read more Contact Us Name *FirstLastEmail *PhoneYour enquiry *Keep in touchYes, I would like to receive your monthly newsletterCommentSend Enquiry to Norwood
