Date Published: 16/10/2020 10:35
In October many solicitors are offering to draw up a will for you in exchange for a donation to charity. Our financial planner Emma Baumback explains why you should take advantage of the offer.
As many of our clients know, we routinely stress about the importance of having a will and keeping it up to date to ensure their wishes are followed in the event of death and provide protection for those loved ones left behind.
The stipulations of your will are important for us as financial planners, not just for those concerned with inheritance tax and estate planning. The provisions within your will have an important impact on the financial plans we build for you and are therefore an integral part of the advice process.
Interestingly, two-thirds of people don't have a will and a third of people assume their partner and children will automatically inherit. A similar number believe they only need a will if they are very wealthy.
In reality, without a will in place you are leaving your final wishes at the mercy of Britain's intestacy rules – with most not having the slightest idea of what these are, need I say more?
We are now back in the midst of ‘Free Wills Month’. For those aged 55 and over you are able to benefit from a Solicitor drafted or updated will for FREE in the hope that you will leave a small bequest to charity.
Each March and October, respectable and fully regulated Solicitors firms across the UK take part in covering the costs of simple wills for individuals and couples who want ‘mirror wills’. Should your affairs be of a more complex nature, you may be asked to pay something to cover the extra time spent.
Areas covered by October’s Free Will Month are Derbyshire, Leeds, Leicestershire, Lincolnshire, Nottinghamshire and Sheffield to name a few.
The charities involved pay for the solicitors' time and the Solicitor drafting your will will ask you to consider making a bequest to a charity, although you're under no obligation to do so.
As you can imagine, Free Wills Month is very popular and appointments fill up fast! Head over to www.freewillsmonth.org.uk to find out more, including the charities sponsoring the scheme and how ton book an appointment with a practice close to you.
Unable to get an appointment this month? No problem – try Will Aid!
Will Aid is an alternative scheme working with nine charities and hundreds of Solicitors across the UK which runs in November of each year.
The participating firms offer basic wills, regardless of age and for no fee, but instead ask you to make a donation to Will Aid. The suggested donations are £100 for a single will or £180 for a pair of basic 'mirror wills’. All donations are distributed among the charities equally.
Will Aid is already open for booking in November and it is advisable to book in early to secure your place as spaces can be limited. For more information head to www.willaid.org.uk.
At the time of drafting your will it may also make sense to take a health check on your finances and reassess any existing long-term plans. For a free financial consultation, contact us on 01246 435 996.
Future Life Wealth
54 Ravenshorn Way,
Renishaw, Sheffield S21 3WY
+44 (0) 1246 435 996
Monday - Friday 8.30am - 5.00pm
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