Booklet A Handy Guide to help you write or update your will

Transcription

1 Will Writing Booklet A Handy uide to help you write or update your will

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3 Due to the hospital environment and the unfortunate circumstances in which people may find themselves, hospital staff are often asked for advice on how to update or write a will. The main aim of BHR Hospitals Charity is to improve the welfare of patients, staff and visitors to our hospitals. This booklet has been produced by the charity to give you the basics of what you need to consider when writing or updating your will. The information in this booklet is not intended to replace the advice of a solicitor, professional will writer or financial advisor. However, it will help you write or update your will and thus ensure your loved-ones are cared for after your lifetime. 1

4 The importance of making a will We all need to plan for the future to ensure our friends and family are provided for after our lifetime, yet many people still do not have a will or have one that is out of date. By having an up to date will you can ensure that you can continue to care for your loved ones after you have gone. If you die without a will, the law will decide what happens to your estate and how it is distributed. The chart opposite shows how your estate would be divided if you were to die without a will. Keeping your will up to date Once you have a will it is important to keep it up to date. There are many reasons why your will may need updating. For example, you may have had a new child or grandchild, you may have moved or inherited some money that may take your estate over the inheritance tax threshold (see page 9). There are also certain other events, such as marriage or registered civil partnership, that can invalidate an existing will. Even if a significant event has not occurred, it is still recommended that you review your will once every five years. That way you can be sure it still accurately reflects your wishes and any changes in tax law have been considered. 2

5 What happens if you die without a will? Everything goes to spouse or civil partner NO yes Is your estate worth more than 250,000? Are you married or in a civil partnership? NO Do you have children? (excluding stepchildren) yes Shared equally between your children (or their descendants if any have died) Spouse/civil partner receives: Household contents and personal effects First 250,000 A life interest in half of the residue Rest shared equally between your children (or their descendants if any have died) Spouse/civil partner receives: Household contents personal effects First 250,000 half of the residue Rest shared equally between your parents or all to surviving parent yes yes Spouse/civil partner receives: Household contents personal effects First 250,000 half of the residue yes Rest shared equally between your brothers and sisters (or their descendants if any have died) yes Do you have children? (excluding stepchildren) NO Are either of your parents still alive? NO Do you have brothers or sisters who share both parents in common with you? NO Are either of your parents still alive? NO Do you have brothers or sisters who share both parents in common with you? NO Do you have brothers or sisters who only have one parent in common with you? yes yes yes Shared equally between your parents or all to surviving parent Shared equally between them (or their descendants if any have died) Shared equally between them (or their descendants if any have died) NO Are any of your grandparents still alive? yes Shared equally between your grandparents NO Do you have aunts or uncles who share both parents in common with your mother or father? yes Shared equally between such aunts and uncles (or their descendants if any have died) NO Do you have aunts or uncles who only share one parent in common with your mother or father? yes Shared equally between such aunts and uncles (or their descendants if any have died) NO Everything goes to spouse or civil partner NO Everything goes to the overnment 3

6 Making a will Before making a will there are a number of things you will need to consider prior to making an appointment with a solicitor or professional will writer. u What do you own and how much are they approximately worth (after any debts have been paid e.g mortgage on your house)? u Who would you like to act as an executor? This can be a friend or family member or even the solicitor writing your will. It is advisable that you name at least two executors in case one is unable to carry out their duties at the time of your death. u If you have any children who would you want to look after them? (Please ensure whoever you choose are happy to act as guardians). u Who would you want to benefit from your estate e.g. family members and friends? u Would you like any charities to benefit from your estate? u What type of gifts and approximately how much would you like to give your beneficiaries? 4

7 The types of gifts you can leave There are three main types of gifts that you can leave: A residuary gift this is the gift of a share of your estate after all debts, expenses and pecuniary legacies have been paid. For example a 25% share of your residuary estate A pecuniary gift this is the gift of a particular sum of money, for example 10,000. A gift in kind this is the gift of a specified item. For example: property, a painting or a piece of jewellery. These type of gifts enable you to leave something that may hold sentimental value to a loved one. The types of will available There are a number of wills available to use depending on your individual circumstances. By far the most common ones are a single will (designed for use when reflecting an individual s wishes) or a mirror will (designed for use when couples have very similar requirements). There is also a Codicil which is a legal document that amends rather than changes an existing will. These are especially useful when you are wanting to make a minor update to an existing will, for example adding a beneficiary. However, if there are a number of changes you are strongly advised to have your will re-written. 5

8 Including a gift to a charity By having an up to date will you can ensure that you can continue to care for your loved ones after you have gone. Yet making a will can mean so much more. After you ve looked after your family and friends, you may wish to leave a gift to a charitable cause that is close to your heart. Legacies from supporters make up a very important income stream for many charities. If you do want to leave a charitable gift when writing a will, the donation can be as small or large as you like. By including BHR Hospitals Charity in your will you can ensure we can provide the best possible medical care to your loved ones when they need it. The fact is, gifts left to us in peoples wills make a huge difference to enhancing patient care and ensuring we can give the best medical care available. (See the last three pages of this booklet for further details on how your legacy could help BHR Hospitals Charity). Ensuring your gift benefits your local hospital To ensure your kind gift benefits your local hospital then it is vital you have the correct wording for your legacy. Below is suggested sample wording to help your solicitor or professional will-writer: Pecuniary or specific ift: I give absolutely (Sum of amount)/ (description of item of property) to BHR Hospitals Charity of Queen s Hospital, Rom Valley Way, Romford RM7 0A (Registered Charity Number: ) for its general charitable purposes and I direct that the receipt of the Treasurer or other proper officer shall be a full and sufficient discharge of the said legacy. 6

9 Residuary ift: Subject to the payment of my debts, funeral and testamentary expenses, I give the (whole / insert percentage value) of my estate not otherwise disposed of by this my will to BHR Hospitals Charity of Queen s Hospital, Rom Valley Way, Romford RM7 0A (Registered Charity Number: ) for its general charitable purposes and I direct that the receipt of the Treasurer or other proper officer shall be a full and sufficient discharge of the said legacy. Dedicating your legacy to a certain hospital or ward The best way your legacy can benefit your local hospitals is by allowing BHR Hospitals Charity to use it for its general charitable purposes. That way we can use it where the need is greatest at the time it is received. However, we understand that if people have benefited from a certain ward or department they would like that ward to specifically benefit. In these situations we ask that rather than restrict it, you stipulate your wishes in terms of where you would prefer your legacy to benefit within your will. We will then try our best to ensure it benefits that ward or department but are able to spend it somewhere similar if there is a much greater need. 7

10 Having your will written Once you have considered all the points on the previous pages and have collated the information required it is recommended you arrange to have your will written as soon as possible. Whilst it is possible to write your own will, they can be complex documents which can be invalidated through simple mistakes. There is also the option of having your will written online. However due to the personal nature of a will it may be difficult for an online system to ensure all your requirements are catered for. It is strongly recommended you make an appointment with a solicitor or professional will writer. Many people find this part daunting or are not sure where to start looking for a suitable professional. To help, from page 11 there are details of wills and Probate Solicitors within the catchment area King eorge and Queen s Hospitals. They are all registered with the Law Society which guarantees that they are qualified to practise law and they have insurance to protect you if anything goes wrong. If you find it difficult to travel or would prefer to discuss your will in the comfort of your own home then all those listed also offer home visits. 8

11 Other important considerations Inheritance tax Inheritance Tax is only due if your net estate - including any assets held in trust and gifts made within seven years of death - is valued over the current Inheritance Tax threshold (Currently set at 325,000 until 2015 ). The tax is payable at 40 per cent on the amount over the threshold. However, gifts to registered charities are tax free and do not form part of your estate when calculating the amount of inheritance tax that may be owed. There are other exemptions and reliefs including spouse or civil partner exemption. If you think your estate is over the inheritance tax threshold, it is highly recommended you seek professional advice to see if any inheritance tax could be saved. Funeral wishes Whilst you can include details on how you would like your funeral to be arranged within your will it may not be read before your funeral is arranged. If you have specific wishes, we recommend you list these separately in a document and make your friends/relatives aware. Alternatively, many people nowadays pre-plan their funeral which also enables them to pay for it in advance. Most funeral directors offer this service and it also enables you to ask friends and relatives to give donations in lieu of flowers to a nominated charity. 9

12 lossary There are a number of terms that can be used when writing or discussing a will. The most common ones are listed below with a brief description for each: Administrator: A person appointed to deal with the estate of a person who has either died intestate or without naming a valid executor. Assets: These represent everything that a person owns. This can include property, land, shares and cash. Beneficiary: Any person who benefits from a will. Estate: The total property of a deceased person. Executor: The person named in a will to administer the estate. Inheritance Tax: The tax payable on the estate of a deceased person should the assets be above the nil-rate band threshold. Intestate: A person who dies without having made a will. Legacy: A gift within a will. The three main types are: Residuary legacy/gift this is the gift of a share of your estate after all debts, expenses and pecuniary legacies have been paid. For example a 25% share of your residuary estate Pecuniary legacy/gift this is the gift of a particular sum of money, for example 10,000. ift in Kind this is the gift of a specified item. For example: property, a painting or a piece of jewellery. Probate: The process of officially proving the validity of a will. Testator: The person who makes the will 10

13 List of local wills and probate solicitors The following is a list of local Law Society registered solicitors all who specialise in wills and probate. For ease they are listed by town and they all offer home visits. Please note that appearing in this guide does not constitute a recommendation by BHR Hospitals Charity, BHRUT or its trustees, nor do we have any impact on the service they provide. BARKIN Mr Brian Cowan, MacLeish Littlestone Cowan, 23 Longridge Road, Barking I11 8TN Tel: fsattar@mlclaw.co.uk Web: BILLERICAy Miss Orchard E Edwards Son & Noice Three Horseshoes House, 139 High Street Billericay CM12 9AF Tel: jorchard@eesan.plus.com Web: CHELMsFORD Ms Claire Buttress epp & Sons 58 New London Road, Chelmsford CM2 0PA Tel: buttressc@gepp.co.uk Web: Mr Wayman The Beavis Partnership Rochester House, 275 Baddow Road Chelmsford, CM2 7QA Tel: trevor@beavis-law.co.uk Web: BRENTWOOD Mr Hibell Anami Law 186 Hutton Road, Shenfield Brentwood CM15 8NR Tel: lee.hibell@anami-law.eu Web: 11

14 COLCHEsTER Mr Andrews John Fowlers LLP Solicitors Town Hall Chambers, St Runwald Street Colchester CO1 1DS Tel: Web: Mrs L Welch John Fowlers LLP Solicitors Town Hall Chambers, St Runwald Street Colchester CO1 1DS Tel: louise@johnfowlers.co.uk Web: HARLOW Ms Ndoro Peters & Co Level 9, Terminus House Harlow CM20 1XA Tel: info@peterslegal.co.uk Web: ILFORD Mr Bull A H Page 640 Cranbrook Road, Barkingside Ilford I6 1HQ Tel: richard@ahpage.com Web: Mr Khan Khans 165 Ley Street Ilford I1 4BL Tel: admin@kahns-solicitors.org.uk Web: LONDON & EssEX Miss Martin 2 Tritton House 4 Cunard Crescent, Winchmore Hill London N21 2T Tel: / merylinmartin@yahoo.co.uk 12

15 MILE END Mrs Chima Adams Solicitors 129 Mile End Road Mile End, London E1 4B Tel: Web: ROMFORD Mr Logue Capstick-Dale & Partners 224 Main Road, idea Park Romford RM2 5HA Tel: Web: Mr Hunwicks F Barnes & Son (Incorporating Fenton & Hunwicks) 1-5 High Street, Romford RM1 1JU Tel: romford@fbarnes.co.uk Web: Mr Farr Kenneth Elliott & Rowe Enterprise House, 18 Eastern Road Romford RM1 3PJ Tel: david.farr@ker.co.uk Web: Mr Leland Leland Swaby Clarke & Norris South Street, Romford RM1 1QL Tel: / h.stuart@lelandscn.co.uk saffron WALDEN Miss Solanki Heckford Norton 18 Hill Street, Saffron Walden CB10 1JD Tel: ss@heckfordnorton.co.uk Web: 13

16 stratford Mr Hirschfield Bowling & Co 62 Broadway, Stratford London E15 1N Tel: Web: WOODFORD REEN Mr ayer Cartwright Cunningham Haselgrove & Co 13-13a The Broadway Woodford reen I8 0HL Tel: Web: WALTHAMsTOW Mr Fellowes Fellowes Solicitors 21 Church Hill, Walthamstow London E17 3AD Tel: Web: Mr Turner ilbert Turner Coomber Hoe Street, Walthamstow London E17 4QN Tel: Web: 14

17 BHR Hospitals Charity Barking, Havering and Redbridge University Hospitals NHS Trust serves a local population of approximately 700,000 and is one of the largest acute hospital trusts in the country. BHR Hospitals Charity is a registered charity which aims to improve patient and staff welfare and enhance the hospital environment for patients, staff and visitors at both Queen s Hospital, Romford and King eorge Hospital, Ilford. Whilst the NHS provides the funding for the core services, through the generous support of local people the charity funds those projects that enhance the services of the Trust. By including BHR Hospitals Charity in your will you will enable us to make the hospital experience a better one for all our patients and provide extra facilities for our staff in recognition of the fantastic service they provide. 15

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19 How Your ift Could Make a Difference Here are just a few examples of how your legacy, large or small, can make a real difference 650 could buy a specialist recliner chair allowing parents to comfortably stay with their sick children on the ward overnight 3,000 could buy sensory equipment to distract children undergoing chemotherapy and blood tests 5,000 could buy a number of items of specialist handheld medical equipment allowing staff to treat patients at their bedside 25,000 could help refurbish patient and staff areas to improve the hospital environment for patients, staff and visitors 100,000 could help purchase a piece of equipment to ensure cancer patients have the best possible chance of survival. If you have visited King eorge or Queen s hospital recently you are sure to have seen or benefited from something that was funded by the charity.

20 If you have any questions about this publication, or want to find out more about the work of BHR Hospitals Charity including how you can help, then please do not hesitate to contact us by one of the below means: BHR Hospitals Charity Queen s Hospital Rom Valley Way Romford RM7 0A Tel: ext bhr.charity@bhrhospitals.nhs.uk Web: Barking, Havering and Redbridge University Hospitals NHS Trust Charity Fund is a charity registered in England and Wales. Charity registration number