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Leave a gift in your Will

Read our guide to find out all you need to know about leaving a gift in your will

1. Introduction to gifts in Wills

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Thank you for considering leaving us a gift in your Will – we really appreciate you taking the time to consider supporting Turn2us in this way and playing a part in creating a future where no-one lives in poverty. Your will is one of the most important things you’ll ever write, and we can help you with the process of making or updating a Will.

 

2. Why gifts in Wills are important

Gifts in Wills have shaped our charity and continue to be vital to our life-changing work. A gift in your Will to Turn2us, you can make sure that we continue to be there for people you love if they ever need us; providing a safety net and empowering people to lead a life of happiness and dignity.

At Turn2us, gifts in Wills have played a vital role since the charity was first established. In 1904 the charity received its first legacy from founding Chairman, Colonel William Knolly of £450. His legacy was helpful in laying the foundations of the charity as it stands today. 

Ever since then, supporters’ gifts, both large and small, have continued to help the seriously vulnerable people struggling to cope financially. Thanks to the amazing people who have left gifts in their Wills to the Charity, Turn2us has been able to do incredible things. 

You can create a future of a where no one has to live in poverty.

3. How to write or amend a Will

Making a Will is vital to ensuring your estate goes to the people and causes that are close to your heart.

The information here is intended to help make everything easier but we would always recommend you visit a solicitor or a member of the Institute of Professional Will Writers to assist you.

It helps to be prepared before you visit a Will Writing professional and it can save time and money.

Request our free guide

4. 6 simple steps to consider

Here are six simple steps to consider when writing a Will:

  1. Make a list of your assets and estimate the value of your estate.

  2. Make a list of what you owe, considering debts such as any outstanding mortgage, loans or bills.

  3. Decide who you would like to benefit and how.

  4. Choose your Executor, s/he will ensure the terms of your Will are carried out and meet your solicitor.

  5. Create a letter of wishes to help those who may make your funeral arrangements when the time comes and also to set out the reasoning. 

  6. Keep it safe and up to date. Most people prefer to keep a copy with their solicitor and to keep their own copy in a safe place the Executor of the Will knows about. You should review your Will every 5 years or after any major life events, such as getting married or divorced, becoming a parent or grandparent or moving house.

5. Reasons to have a will and keep it up to date

Clarity of Wishes

An up to date Will gives peace of mind that your loved ones are looked after and it’s the only way to ensure your wishes are followed.

Make things easier for your family  

At an already difficult time a Will allows you to make your wishes known to family. It also prevents your loved ones having to go through the courts to gain the power to deal with your estate. Without a Will, the process can be difficult, stressful and time-consuming.

Protect your partner’s rights

It’s a common belief that spouses / civil partners / cohabitees are automatically entitled to inherit everything. In fact, this is not the case. 

Give your assets to the people and causes you love most

Without a Will outlining your wishes, your whole estate could end up belonging to the Crown or government. 

Minimise inheritance tax

A Will can help reduce the amount of inheritance tax that needs to be paid on your estate.

Charitable gifts

A Will allows you to remember a charity or charities whose cause(s) you believe are worthwhile.  

6. Inheritance tax and wills

Inheritance Tax (IHT) can be paid following your death on the value of your estate (and can also include the value of substantial lifetime gifts you have made and some types of trust funds).

Your solicitor or Institute of Professional Will Writers member will be able to guide you through this, and more importantly, they can tailor this advice to your particular circumstances.

7. What type of gifts can you leave in your Will?

These are the types of gifts you can leave in your will:

  • A share of your estate. After you have provided for your loved ones, you can leave a share of what remains to charity. This is known as a ‘residuary gift’.

  • A cash gift. This is when you leave an exact sum of money to us. It's known as a 'pecuniary gift'.

  • A specific gift. Over the years we've received everything from antique jewellery to a house.

  • A gift in trust. You can leave a gift for someone to use over a period of time. When the time has ended, the gift can be passed on to other recipients, such as a charity