More than half of people in the United Kingdom do not have a will. This may mean that their families will face complications when they die or that their wishes for distribution of their estate will not be truly reflected – especially if they would like some of their estate to be left to charity.
Earlier this month, ‘Remember A Charity In Your Will Week’ raised awareness about the importance of making a will and also leaving part of your estate to charity. Rob Cope, director at Remember A Charity said:
‘The message is clear. If you don’t have a will, get one. We say to people that they should sort out family and dependents first, and then if they have anything left over, they can say thank you to a favourite charity with a legacy. Gifts in wills fund a third of all cancer research and six in ten lifeboat launches, so they really make a huge difference.’
Dying without making a will is known as dying ‘intestate’. If you die intestate your assets will be distributed in a way that is predetermined by law. This mean that you have no say in how your assets are distributed with most or all of your estate likely to go to your partner (or even former partner) or your children.
Making a will and estate planning may also allow you you to leave more money for your loved ones or to a charity by minimizing inheritance tax. If you choose to leave 10 percent of your estate to charity you will pay a lower rate of inheritance tax (36 percent) compared to the regular rate of 40 percent.
Contact our Lawyers in Scotland
If you would like further advice about making a will or to book an appointment to do so contact us today. To find out how our lawyers can help you or to arrange an initial consultation with one of our solicitors, please complete our online enquiry form or contact us on 0141 530 1377