Writing Your Will
Your Will helps to ensure that your intentions are honoured after your lifetime. It can help protect the people closest to you, and to further the causes about which you feel most deeply. If you die without leaving a Will, then the laws of intestacy apply to your estate. This means that your estate would be divided between your lawful spouse and your surviving blood relatives according to specific rules laid down by Parliament. If there are no living relatives, then everything you own goes to the Crown.
Decide on your aims
Before making a Will, think about what you want to achieve by it. Are you married? Do you have any children? Are there any other beneficiaries you wish to include, such as parents, brothers, sisters, distant relatives?
Once you have decided what you want to achieve then draw up a list noting what assets you have and how best to distribute your estate to fulfil your wishes. Anything you own is considered to be an asset, e.g. furniture, jewellery, car, house etc. Include any money you have in savings accounts along with details of any insurance policies or investments you hold.
Now list, in order of priority, those people you wish to benefit from your Will. You may want a specific friend to have a particular item, or for all your jewellery to go to your daughter. Alternatively you may want your spouse and children to have an equal share of everything.
A solicitor will be able to assist you with this and ensure that your Will is legally correct and that all your wishes are carried out. Your solicitor will discuss all aspects of your Will including whether you would like to leave a Legacy to charity
Types of Legacy
Residuary legacy - a gift of all or part of your net estate (what remains after all taxes, specific gifts and the cost of administering the estate have been paid). This type of legacy should be expressed as a percentage or share of your estate.
Pecuniary legacy - a fixed sum of money. It is worth bearing in mind that inflation can erode the value of pecuniary legacies, so it is important to review your Will on a regular basis, whether or not your circumstances change.
Specific Legacy - is the gift of a specific item or asset such as a painting, shares or jewellery.
Reviewing and adding to your Will
It is important to keep your Will up to date. Aim to review every few years, for example, on the birth of a new grandchild, to alter the name of an executor or after a change to the size of your estate. Any major life change such as marriage, inheritance, death or divorce should necessitate a revised Will.
When you do need to change your Will, it doesn’t necessarily mean that the whole thing must be drawn up again. If you have already made a Will and would like to include a Legacy to Yorkshire Wildlife Trust all you have to do is contact your solicitor. The solicitor can then make an addition to your existing Will – this is known as a Codicil.
If you do decide to give a legacy to help the Trust to protect wildlife, the following is some suggested text:
Residual Bequest
"I give Yorkshire Wildlife Trust (charity number 210807) of 1 St George's Place, York, YO24 1GN, the whole (or a ___ per cent share) of my residuary estate for its general charitable purposes and I declare that the receipt of the Treasurer or other proper officer shall be a full and sufficient discharge for the said Legacy."
Please seek advice from the Legacy Officer or your solicitor if you wish to split your residuary estate between charitable and non-charitable beneficiaries, as this may effect any inheritance tax exemption.
Percuniary Bequest
"I give Yorkshire Wildlife Trust (charity number 210807), of 1 St George's Place, York, YO24 1GN, the sum of £_____ ( ____ pounds) for its general charitable purposes and I declare that the receipt of the Treasurer or other proper officer shall be a full and sufficient discharge for the said Legacy."
Specific Bequest
"I give Yorkshire Wildlife Trust (charity number 210807), of 1 St George's Place, York YO24 1GN, my (description of item or property) ______________________________________________ for its general charitable purposes and I declare that the receipt of the Treasurer or other proper officer shall be a full and sufficient discharge for the said Legacy."
Please help us by ensuring that you have spoken with the Legacy Officer, Carolyn VIckery, before making a Specific Bequest. Carolyn can be contacted by telephone on 01904 659570 or by email.
