Do you have the will to help us?
Many people find it difficult to think about what will happen when they die.Too often, this results in a failure to make the necessary arrangements.
One of the most important preparations you can make is to ensure that you have an up-to-date Will.But there is a perception that this is an expensive and complicated chore.
In fact, the real cost lies in not having a Will or, worse, having an out of date Will.In the worst cases, your entire estate would revert to government coffers.
The reality is that making a Will or adding a legacy to an existing Will is straightforward and less expensive than you might think.And what’s more, gifts to charity are Inheritance Tax free, so leaving a gift to Road Victims Trust could reduce the tax payable on your estate.
If we know we have been remembered in a Will we can show our appreciation of this generous support in various ways.
It is your chance to change things for good.
Above all, your Will is your chance to shape the world you leave behind……….This is what makes writing a Will such a uniquely exciting and enriching opportunity.
Once you have provided for your loved ones, a gift to the Road Victims Trust is the ideal way to play a lasting part in ensuring that we continue to offer our service to the victims of serious road collisions.
I hope if, and when the time is right for you to include a legacy in your Will, you will remember our charity……….
If you would like more information about making or updating your Will, we have produced a free booklet to guide you through the process.Please contact Louise Stafford on 01234 843345 or email lous@rvtrust.co.uk for your copy.
The Road Victims Trust is a proud member of the
Fundraising Standards Board
Visit www.thewillsite.co.uk for independent Will-making advice and an on-line Will-writing service.
Road Victims Trust is a registered charity (number 1105399).
Letter from Anthony Parker, Chief Executive of the Road Victims Trust
Whatever the reasons that are putting you off making a Will, we hope this guide will show that the process is straightforward, easy to arrange, and needn’t be costly.It’s also something which shouldn’t be delayed because no one knows when it will be too late to put their affairs in order.Leaving them to be sorted out once you’ve died could mean they aren’t arranged in the way you would like.
Once you have provided for your loved ones in your Will you may also like to remember a cause that you have cared about during your lifetime or which has been able to offer you or family members or friends the support they needed during an unexpected but traumatic event.This guide includes information on how to leave a legacy to the Road Victims Trust enabling you to ensure that our committed service offered by our staff and volunteers will continue for many years after your death.
I hope you find this guide helpful.It’s vital that you don’t delay making or updating your Will any longer.Like the future of your loved ones, the future of our work will only continue with your support.
Yours sincerely
Anthony F ParkerBA Hons M Phil FCIM
Chief Executive
PS:If you do include the Road Victims Trust in your Will please consider filling in the confidential pledge form available in this booklet.This will be invaluable to us when planning future work.
Contents
Legal language explained pg 5 - 7
Why you need an up-to-date will pg 8
Steps to making a Will pg 9 – 10
Instructions for my family and friends pg 11 - 13
Why leave a legacy to Charity? pg 14 - 15
How to remember the Road Victims Trust in your Will pg 16
To say thank you pg 17
Confidential Pledge pg 18
How your money helps pg 19
Data Protection pg 20
Legal Language-some legal terms explained
Note that legal processes and definitions may be different in Scotland, Northern Ireland, the Channel Islands and Isle of Man.
Administrator Someone appointed by law to settle your affairs if you die intestate.
Beneficiary Anyone who receives a gift from a Will.
Bequest/legacy In the UK it generally refers to a specific legacy of a particular object (e.g. a specified painting, or item of jewellery over £500).Overseas it describes any type of legacy.
Chattels
Personal belongings, including jewellery, furniture, wine, pictures, books and cars, but not monetary investments, property or business assets. Child
In Will or intestacy matters, includes the adopted and illegitimate children of the person who has died, but not their stepchildren - unless they are specifically mentioned. Legacies are often left in trust for children until they are 18, 21 or 25, rather than the legal limit of 16. Civil Partners Registered civil partners have the same legal rights as a spouse should their partner die intestate after December 2005.
Common-law spouse A common-law spouse has no automatic legal rights to be an executor or beneficiary in English law, although a dependent partner who lived with the deceased for two or more years before their death may be able to claim a share of the estate.
- Codicil A separate document altering an existing Will
- The Crown Where the money goes (your estate) if you have no next of kin and did not make a Will - in reality it means HM Treasury.
- Devise A gift of a house or land.
- Estate (Gross)
The value of what you own. - Estate (Net) The value of what you own, less what you owe
- Executors The people you choose to be responsible for administering your affairs.Their appointment does not come into effect until you die.An Executor has no duties, obligations or rights in respect of the Deceased’s affairs until death has occurred.
- Funeral arrangements Directions you can give in your Will (or a non-binding letter to your executors) regarding your wishes such as details of your burial, funeral service, In memoriam gifts to charity in lieu of flowers, etc.
- Inheritance Tax A 40% tax payable on estates over a certain threshold, currently £300,000 in 2007/8 and rising to £312,000 for 2008/2009 and £325,000 for 2009/2010.Gifts to churches and charities are exempt from Inheritance Tax and can be used to reduce the value of an estate for inheritance tax purposes.
- Intestate
A term to describe someone who has died without a Will. The estate is then distributed according to a fixed legal formula. - Issue
All the direct descendants of a person – children, grandchildren and so on. - Legacy/bequest
A gift in a Will. It can be:
- SpecificA definite object or property (e.g. a specific car, property or
painting) - Pecuniary bequest
A gift of a specific sum of money - Personal estate
All the investments and belongings of a person apart from land and buildings. - Personal representative
A general term for an administrator or executor. - Probate
The legal authorisation which confirms that a Will is valid. It gives the Executor(s) named in the Will proof of their right to administer the estate, according to the deceased’s wishes. - Probate Registry
A court within the Family Division of the High Court which deals with probate and administration matters. The Principal Registry is in London and there are district registries in other cities and some large towns. It checks the validity of all Wills and registers them in a central database. See www.hmcourts-service.gsi.gov.uk then in search put in The Probate Service. - Proving the Will
Making the application for probate to the Probate Registry - Real estate
Land and buildings owned by a person - Residue/Residuary Estate
What is left in your estate after all bequests and legacies and after debts, tax and costs have been paid - Residuary Legacy
An instruction in your Will which explains what should happen to the residue of the estate i.e. that it should be divided into 10 equal shares and distributed amongst a list of named beneficiaries - Specific Legacy
Particular, tangible items (e.g. family heirlooms) left as gifts in a Will.See Legacy. - Testator
The person making the Will.Female form is Testatrix. - Trust
An arrangement you can make in your Will to administer part of your assets after your death.For more complicated Trust provisions, you should contact a local solicitor who specialises in trusts and probate. - Will
The document in which you say what will happen to your money and possessions after your death. - Witness
Two witnesses must see you sign your Will and you must also watch both of them sign it.They must also watch each other sign the Will.No beneficiary (or their spouse) should sign the Will; if they do, any gift to them or their spouse will be invalid and will fail.An Executor can be a witness provided they are not also a beneficiary.
