- On September 23, 2019
Families are risking the future of their loved ones’ inheritance due to confusion over Wills, new research has shown.
People either do not fully understand the rules of intestacy, which come into play if you die without a Will, or assume their family will agree on how to divide assets without a dispute.
According to the research by Remember a Charity, around a third of people believe their children and partner will automatically inherit their estate if they die intestate.
However, this is not always the case and the division of a person’s estate falls to the State under these circumstances. This can mean that assets are distributed in a way that the deceased would not have wished.
Additionally, many of those surveyed said they were aware of situations where family members had fallen out over the distribution of a Will, with a significant number saying they would mount a legal challenge if they felt a Will was unfair.
There was always a widespread belief among those surveyed that you need to be rich in order to have a Will.
Additionally, 43% of those surveyed believed the process of making a Will was complicated and 57% were unaware that giving to charity was exempt from Inheritance Tax (IHT).
Legacy Giving In Wills Is Vital For Charities
Rob Cope, director of Remember A Charity, says: “Legacy giving in Wills is absolutely vital to the charity sector and every gift counts, no matter what size.
“Many of us support a charity close to our hearts throughout our life, so it’s wonderful to be able to continue supporting them once we’re gone too.”
This month Family Estate Planning’s (FEP) partner company announced it will be helping
Charities across the UK to raise funds by including new prompts about charitable giving in its Will-writing software.
What this means is that Wills written by FEP and other Countrywide Tax & Trust Corporation partners across the UK will ensure clients are made aware of the option of leaving a charitable gift in their will.
Some 60,000 Wills are written by the group each year meaning the new prompt has the potential to raise millions of pounds for charity annually.
Countrywide Tax & Trust Corporation Ltd is part of a network of more than 1,300 solicitors and Will writing professionals, including FEP, who support Remember A Charity by agreeing to provide information about legacy giving and the relevant tax breaks to clients.
Giving to charity has an obvious benefit to society as a whole, but it can also help you reduce the IHT liability on your estate.
If you agree to leave at least 10% of the value of your estate to charity, you reduce the rate of tax on the rest of your assets from 40% to 36%.
Wills don’t have to be complicated. Get in touch for Will writing, Trusts, Lasting Powers of Attorney, Inheritance Tax mitigation and all aspects of estate planning. Please email firstname.lastname@example.org or call Andy on 07984 013533 for an informal chat.