Further information and resources
Photographer: Anne-Marie Bickerton
If you are considering making or updating your will, or including a legacy to charity, here are some additional information and resources which may be of help.
If you and your spouse both need to make or update a will and have the same wishes for your estate, you can instruct your solicitor or will writer to draw up mirror wills, which will save you money.
If you have children under the age of 18, you will want to consider who would care for them in the event of your death. Discuss this with those concerned to seek their agreement before instructing your professional advisor.
List Your Possessions
If you have any specific possessions you would like to leave to named individuals, it is simplest to write a list of these and keep it with your will. You can then update the list at any point without needing to change your will again. Make sure your executors are aware of it.
If you wish to leave instructions about the nature of your funeral, you can leave these alongside the copy of your will. Again, make sure your executors are aware of them.
Types of Legacy
There are several different types of legacy that you can leave in your will, as follows:
Residuary legacy or share of an estate
This is part or the whole of what is left (the residue) once any debts, funeral expenses and other legacies have been paid. Some people choose to leave a percentage of the residue to named individuals or charities.
Pecuniary legacy or cash sum
This is an amount of cash determined by you and left to an individual or charity. It is often index linked to maintain its value in future.
This is typically a named item or object left to an individual or a charity, such as a painting, jewellery or even a property.
To help you work out the value of your estate, here is a simple estate calculator, which you can download and print out to take with you when you see your professional advisor.
If you are considering leaving a legacy to the WI, here are some suggested wordings you can include in a new will or which you can add as a codicil to an existing one.
Find out more about legacies:
For further information about legacies, please email firstname.lastname@example.org.