The importance of making a Will
Making a Will is your gift to the people and causes that were important to you during your lifetime. It is the only way to be sure that your wishes are followed after you are gone. Even if you are married, living with a partner or have children, it is wrong to assume that they will automatically receive your estate should you die.
If you don’t make a Will, not only will the law decide who inherits your property but you could leave your loved ones with a lot of administration at a very difficult time for them. Part or all of your estate might end up going to people who you never intended to benefit.
Without a Will, your loved ones may also have to pay more inheritance tax than necessary. You may not consider yourself to be wealthy, but when you add everything up, you may find that you have more than you realise, particularly if you own your own home. All your possessions count towards the value of your estate, including your pension, jewellery, furniture, shares, etc.
Remembering Barnardo's in your Will is an excellent way to support our work for vulnerable children. Because charitable legacies are exempt from Inheritance Tax, all of your gift will go to helping young people. It is a wonderful way to show that you stand alongside us in believing in children.
The inheritance tax threshold is the amount above which inheritance tax becomes payable. If the estate, including any assets held in trust and gifts made within seven years of death, is less than the threshold, no inheritance tax will be due on it. The current threshold is £312,000 (known as the nil-rate band). Currently, married couples and registered civil partners can effectively ‘pass on’ their threshold to the surviving partner. This means that, when the second partner dies, their threshold may be as much as £624,000 (2008-09 figure).
If you don't have a Will, the best advice is to consult a solicitor.