About Wills and Legacies • Please consider the East Ham Parish in your Will/Legacy?
The importance of writing wills and then keeping them reasonably up-to-date.
Who Needs a Will?
The simple answer to that is “everyone”. Every adult who owns any goods, property or who has any savings should have a Will. Yet, surprisingly only one in three adults in Britain has made a Will. I am sure most people would agree that it is a sensible thing to do, but like many sensible things, such as going to the dentist, or tidying out the garden shed, it is easy to put off to another day. There are plenty of good reasons to make a Will:
• It is only by making a Will that you can decided how your money and belongings are distributed in the event of your death. Without one, the official intestacy rules govern how your estate is divided and you will have missed the opportunity to give to the family, friends and causes you wish.
• It will give you a sense of satisfaction to give something to family and friends to remember you by. Any gift or keepsake will ensure you live on in people’s memories. This cannot happen if you die without a Will. There is a peace of mind to be gained from knowing your affairs in order. I think this is particularly true if you are a parent with young children, as it is important to decide who will be their guardian.
• You can choose your Executors - who will look after and distribute your possessions when you die. Without a will, the courts may appoint someone who is not appropriate, or may not handle your affairs with sensitivity.
• Finally you should not underestimate the pleasure you will derive from knowing you have left a gift to the charities and causes you have supported during your life time. It is a way of continuing that support after you have gone.
It is always worth having your Will written by a professional. Solicitors reputedly make more money from sorting out poorly drafted Wills, then writing them in the first place. A solicitor will charge about £70 for a typical single Will and £100 for ‘mirror Wills’ for a couple. Sometimes they have cheaper promotions. Another cheap alternative is to use a very easy to use online site, based on the expertise of a large firm of solicitors and a bank.
Making a Will is something that is so easy to put it off until another day, and yet there are so many good reasons to get round to it.
For further information on Will writing, including leaving a gift to your Parish, please contact the Parish of East Ham at: mailto:easthamparish@tiscali.co.uk
FAQ’s - Frequently asked questions on Wills and Will making
Question: I don’t really own anything, so I do not see any point in having a Will?
Answer: Most people are quite surprised when they sit down and add up the value of the things they do have. It is only by having a Will that you can decide which people and charities will benefit from your estate.
Question: What does “Intestacy” mean?
Answer: It means dying without a valid Will. This would mean that the law would decide what happens to your estate in the event of your death. It is possible that your husband or wife might not get everything you thought they would, or that distant relatives might get gifts that you would much rather went to close friends or the charities that you support.
Question: I have a Will but it is 10+ years old, will it be OK?
Answer: It might be; but it would be worth reviewing it as your circumstances or those of your beneficiaries may have changed. It is certainly worth checking your Will after any births, marriages or deaths within your family, and probably every five years. This also gives you the opportunity to include additional people or charities not already mentioned in your Will.
Question: Why can I not just get a form from a stationers and make my own Will?
Answer: Solicitors reputedly make more money from sorting out poorly drafted home-made Wills, than writing them in the first place. It is often not as expensive as you think. A solicitor will charge approximately £70 for a single Will and £100 for a ‘mirror Will’ for a couple. An alternative is to use a very easy to use online site, based on the expertise of a large firm of solicitors and a bank.
Question: How can I avoid paying inheritance tax?
Answer: It was once said that the only two certainties in life were “taxes” and “death”. A gift to charity in your Will in one way to reduce or even avoid inheritance tax being paid on your estate.
Question: Since I made my Will one of the witnesses has died. Should I make a new Will?
Answer: If your Will was properly drawn up in the first place it makes no difference if one or both your witnesses has died.
Question: What is “Enduring Powers of Attorney”?
Answer: It may be worth considering what would happen to your property if you become incapable, (through age or infirmity) of managing your own affairs. The authority for someone you know and trust to handle your affairs is established by signing an “Enduring Power of Attorney”.
Live longer by leaving a gift to a Charity in your Will
There is a train of thinking that it is true - those people who include their favourite charity in their Will live longer. The average age at death in England and Wales is 80 years for those people who had left a gift to Charity in their Will. This compares with 78 years for those people who had not included a Charity, and just 68 years for those who had died without even having written a Will.
Are you in a minority?
It is estimated that just one in three adults in England and Wales have made a Will. Yet without one the law decides how your estate will be distributed. It is possible that your husband, wife, or partner might not get everything you thought they would, or that distant relatives might get gifts that you would much rather went to close friends or charities that you support.
Are you a trendsetter?
During the last 10 years there has been a gradual increase in charitable gifts left in Wills. In 1990, almost 66,000 legacies were given to charities. By 1999, 83,600 legacies were received. Why not be part of this growing trend and leave a gift to the East Ham PCC (Parochial Church Council) and other Charities you support when you write or amend your Will?
The work of the Parish of East Ham has been supported by bequests large and small over the years.
Bequests are created by will or codicil and may take the form of a particular legacy such as a painting or other personal chattel. More usually they are pecuniary legacies, i.e. a sum of money, either specified, or a gift of the whole or part of the estate.
Express Trusts
The nature of a bequest could be:-
• For specific purposes e.g. the work of the Sunday School(s) or elderly. • For a particular fund e.g. the organ fund. • For their specific work performed by the Parish and its churches, e.g. homeless.
These are both express trusts.
Permanent Endowment
Either of the forms of express trust may also be a permanent endowment. This is created when the testator has expressed the wish that the capital value of the bequest be preserved intact in order to provide a constant source of income for the particular purpose in mind.
How do I leave money in my Will to a Charity?
It is easy to include the Parish of East Ham in your Will, but you should always consult a professional such as a solicitor or financial adviser to be sure your will reflects your exact intentions and you understand tax implications.
Before you call your adviser, take a few minutes to clear your thoughts and decide exactly what you want to do. Ask yourself...
What have I got to leave? If you own your home, how much is it worth? Have you any savings or investments? Valuables? Jewellery?
Who do I want to help? Of course you must make provision for your family, friends and pets first. Make a list of their full names and addresses.
Who else has made a difference to my life? Has the Parish of East Ham and its Churches helped you, or someone you love? Which causes have been important to you? Which appeals have really moved you? Do you have historical connections/associations with the Parish, e.g. you or members of your family were baptised, married, or their funerals carried out through one of our Churches? If you know them, make a note of our name, address and registered number for your adviser. Full contact details for the Parish of East Ham can be found at: Inland Revenue (Charity Division) Tax Ref: XN 8908
What should I leave? You could leave money, an item of value (e.g. jewellery, property or shares), or the 'residue' - what's left after you've provided for your close relatives and friends, including the Parish of East Ham, in this way is particularly valuable as it keeps pace with inflation.
It is often a good idea to specify a proportion rather than an actual amount, as it is very difficult to predict what your estate will be worth or how much you'll need for yourself and your dependants in the meantime. Rest assured, whatever you can afford will be gratefully received and will make a real difference to the future work of the Parish of East Ham and the community.
Do I need to let the Parish of East Ham know? Will's are private, and you may not want anyone to know what is in yours. However, if you are happy to tell us we will be delighted to hear that you are supporting our future work, and it does not place you under any obligation. Anything you say will be treated in strictest confidence.
Inheritance Tax Calculator
Useful Contacts:
Chelmsford Diocesan Board of Finance
Church of England
Ecclesiastical Insurance Group PLC [Insurance & Advice on Wills & legacies]
Entrust
Goodwill Legacies Limited
Institute of Legacy Management
OyezStraker Office Supplies Limited [Purchase of Legal Forms – Wills etc]
Principal Registry of the Family Division • Probate Department
Registrar of Births, Deaths & Marriages
Smee & Ford Limited [Bequests from Wills' to Charities]
The Friends of the Clergy Corporation
The Law Society [Governing body • List of Solicitors]
The Legacy Promotion Campaign
Tribute to Charities
Downloads:
Legacy Form • Parish of East Ham (352KB) - [In Acrobat .pdf Format]:
PA1 How to obtain Probate - Application Form (350KB) - [In Acrobat .pdf Format]:
PA1a Guidance notes For Probate Application Form PA1 (34KB) - [In Acrobat .pdf Format]:
PA2 How to obtain Probate - A guide for the applicant acting without a solicitor (168KB) - [In Acrobat .pdf Format]:
NOTE: Simply click on the web address or highlight/copy and paste the above hyperlinks to web address browser and click return. The file will automatically download. Dependant upon the Server/ISP used it will take some little while to download owing to the size of the above data file(s).
Although care has been taken in preparing the information contained in this document, St Bartholomew’s Church & Centre • [PEH] does not and cannot guarantee the accuracy thereof. Anyone using the information does so at their own risk and shall be deemed to indemnify St Bartholomew’s Church & Centre • [Parish of East Ham] from any and all injury or damage arising from such use.
Disclaimer of Endorsement: Reference to any products, services, hypertext link to the third parties or other information by trade name, trademark, supplier or otherwise does not constitute or imply any endorsement or non-endorsement, sponsorship or recommendation by the St Bartholomew’s Church & Centre • [PEH], nor is an endorsement of us implied by such links. They are for convenience in goodwill only, as a point of reference/information.
