Leaving a legacy will enable us to provide many more opportunities for life-changing friendships and connections.

Leaving a legacy in your will guidance:

1. Choose who you’d like to include in your will (individuals, organisations, charities). You can leave a gift in your will to whoever you wish. This typically includes family, friends, and charities that you wish to benefit from your legacy. These are your beneficiaries.
2. Decide what gifts you would like to give. There are different types of gifts you can leave. A residuary gift is what is left of your estate when debts, taxes and other gifts have been paid. Your estate is your property and assets that are left after you die. A pecuniary gift is a gift of a specified amount of money. A specific gift is a particular item or collection of items.
3. Speak to your family and next of kin so that they are aware of your wishes.
4. Choose your executors. Your executor takes on the role of carrying out the instructions left in your will. It can be a complicated process and often takes many months. Many people choose their loved ones to act in this capacity. It is generally advisable to have between 2 and 4 executors. You can also choose a professional executor such as a solicitor. A professional executor can also be appointed at a later date by your loved ones.
5. Calculate the potential value of your estate. Your estate includes any property, cash, bank and savings accounts, stocks and shares, and personal possessions you own. Any outstanding bills, debts and invoices must be deducted to establish the potential value of your estate. In some cases inheritance tax may be payable.
6. Consider inheritance tax. Inheritance tax is a complicated matter. It is charged (usually at 40%) on your estate above the threshold. More information can be found on the HMRC website.
7. Write your will. When writing a will you should use a professional will writer. Your will must be signed and witnessed. It is advisable to keep copies of your will where it can be easily located upon your death. Professional will writers will make a charge for writing a will.
8. If you have left a gift to a charity please let them know. Charities will appreciate keeping you informed of their vital work and to pass on a thank you.
9. Keep your will safe. Professional executors may offer to store your will. You should retain copies with your personal possessions in a place that is easy to find. Many people provide copies of their will to the named executors. If you have multiple executors, it is advisable to give each a copy or at least make them aware of where the will is kept.
   Additional information can help you protect yourself from Will fraud.
10. Keep your will up to date. This is particularly important if your circumstances change. Simple changes can be effected by a codicil. More complex changes will require a new will. It is advisable to ensure your old will is destroyed or clearly marked as an old version.