Whether you’re planning on writing your first Will, or have an existing one, it’s simple to including a gift in your Will to Harrogate International Festivals.

Key points for making or updating a Will.

A solicitor will draft a Will for you, if you don’t already have one. You may have a family solicitor you already use. If not, ask a relative or friend to recommend one. If you don’t yet have a Will in place consider making use of our ‘Make A Will Month’ this February.

Before you meet with the solicitor it is useful to think through a number of thing;

  • the main things you own – such as property, possessions and investments
  • the things you owe – such as your mortgage, loans etc.
  • who your executor(s) will be – an executor is responsible for administering your estate
  • what kinds of gifts you want to leave your family, friends and people and charities you care about – pecuniary (money) or residuary (whatever is left over) legacies.
After your loved ones have been provided for , you can look at charities such as Harrogate International Festivals that you would like to make your gift to, and how you’d like to do that.  There are three way of leaving a legacy gift:

Residuary gifts leaving a share of the amount left over after all your wishes have been carried out and specific items have been distributed. You can give the whole of the residue to a person or a charity like the Harrogate International Festivals or a portion of it.

Pecuniary gifts are specified sums of money. If you would like a gift of money to keep its value over the years, it is a sensible idea to ask your solicitor to index-link it.

Specific gifts are items or assets, a ‘non-money’ gift such property, a painting, jewellery, stocks and shares or other valuable items.

Many people choose to leave a percentage of their estate as it means that its value will not be affected by inflation.

Your solicitor will ensure that the wording used in your Will is accurate, a true expression of your wishes is legally sound and cannot be misconstrued.

If you want to make a change or addition to an existing Will, you can do this easily with a codicil. We do advise you to use a solicitor to do this to make sure that you are not accidentally altering any arrangements in your current Will.

If you own your own home, it’s quite likely that inheritance tax may be due on your estate when you die as inheritance tax is payable on all estates valued at over £325,000.

Inheritance tax is paid for out of your estate when you die, from the assets you own at the time. If you are leaving your estate to your spouse or civil partner, you can pass your whole estate to them without any inheritance tax being due, however if you are planning on leaving money to friends, or to the next generation then this tax applies.

By leaving a gift of 10% or more of your estate to charity in your Will, you can reduce the rate of inheritance tax that will be paid to HMRC by 4% (from 40% to 36%).  This means that you may be able to make a more significant gift to charity, with less effect on the value of any other gifts you leave to your family and friends.

For further information on inheritance tax we do advise that you speak with your solicitor.