Stay Alive

Keeping your will up to date will ensure your wishes are honoured and eases the burden on your family and friends.

A GIFT IN YOUR WILL

A gift in your will 

LJWB was and will always be there for you and yours. By putting a gift in your will to LJWB you can make sure that we will be there for you and for the people you love. Any gift small or large will make a difference and help us to support our community for years to come.

5 good reasons to keep your Will up-to-date

1. Make sure your wishes are followed
With an up-to-date Will, you can have peace of mind that the people and causes that matter to you have been looked after the way you choose. It’s the only way to make sure your wishes are followed the way you intend.

2. Make it easier on friends and family
A Will makes it much easier for your family and friends to take care of your estate and be sure they’re acting on your wishes. Without a Will, the process can be difficult, stressful and time-consuming.

3. Help to minimise inheritance tax
If you’ve got a Will, it can help reduce the amount of inheritance tax that needs to be paid on your estate.

4. Protect the rights of your partner
If you and your partner aren’t married or in a civil partnership, you don’t have the same automatic rights as those who are married. You can make sure your partner’s looked after by naming them in your Will.

5. Give your assets to the people and causes you love most
Without a Will expressing your wishes, your whole estate could end up belonging to the Crown or government. Write a Will to keep control.

Find out how tax could affect what you leave in your Will, and how a gift to charity could change your tax liability.

INHERITANCE TAX

Under current law, if your estate is worth more than £325,000, your beneficiaries will have to pay 40% of the part of it that’s over the threshold to HMRC.

So if your estate is worth £350,000, £25,000 of it is liable for inheritance tax, and your beneficiaries must pay £10,000 (40% of £25,000) to HMRC.

The threshold and the rate change from time to time, so check the current figures on the gov.uk website

What if you leave money to Charity

There are two ways leaving a gift to charity can help reduce your inheritance tax bill.

If you leave gifts to charity in your Will, the gift value won’t be counted towards inheritance tax. The same goes for gifts left to your spouse. This could reduce what your beneficiaries have to pay, or remove your inheritance tax liability altogether.

In April 2012, inheritance tax legislation changed, meaning in some situations, anyone leaving 10% or more of their taxable estate to charity may qualify for a reduced rate of inheritance tax – 36% rather than 40%.

To find out more about inheritance tax and estate planning, talk to your solicitor to see how the rules might affect you and your loved ones.

CAPITAL GAINS TAX

This type of tax is usually payable if you sell or give away something that has increased in value during the time you owned it. The increase in value is what is taxable.

When someone dies the value of the things they own is re-established and any gains that arise during the administration of the estate (i.e. between death and sale) may be liable to capital gains tax.

Executors have a tax free allowance that can be used to offset gains. See the current capital gains tax allowance.

Charities are exempt from capital gains tax, so where charities are beneficiaries in a Will, it may be possible to use this exemption to benefit the whole estate. Please contact the Legacy Team to find out how to do this on 0300 123 1862. Lines are open Monday-Friday 8am – 6pm.

WHAT TYPES OF GIFT CAN YOU LEAVE?

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

 A cash gift – This is when you leave an exact sum of money to us, a ‘pecuniary gift’.

 A specific gift – Over the years we’ve received everything from a stream to antique jewellery.

 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.

We receive all kinds of gifts in people’s Wills, and we’re grateful for all types of support. Speak to your solicitor if you’re interested in leaving an alternative type of gift.

Free will writing services are offered by the following solicitors in Leeds:

For further information please contact Meirav on 01132185848/ meirav.sasson@ljwb.co.uk