All of us need to make a Will to provide for loved ones after we've gone. This will give peace of mind to you and your loved ones in knowing that your wishes will be carried out.
There are many reasons why you may need to look at your Will every few years to ensure it still meets your needs. For example, your marital and family circumstances may have changed - in which case it could be vital to change your Will to protect your loved ones. You may also simply change your mind about whom you want to benefit. Fortunately it isn't difficult or expensive to change your Will with a codicil.
The first step is to talk to a solicitor who can help you draw up your Will or change your existing Will. One simple way of changing your Will is to use a codicil - an additional instruction that you can add to your existing Will.
Anything you leave over the inheritance tax threshold is taxed at 40 per cent. But anything you leave to a registered charity like Groundwork is not taxable, which means that your loved ones could have their tax bill reduced by up to 40 per cent of the amount you give.
Your solicitor or other professional adviser will help you with the wording of your gift, but here is an example of some wording you might use:
For a residuary gift:
I leave my / X share(s) of my residuary estate for Groundwork UK, Lockside, 5 Scotland Street, Birmingham, B1 2RR. Charity number: 291558. absolutely for its general charitable purposes and I declare that the receipt of the treasurer or other proper officer for the time being shall be a sufficiant discharge to my executors.
For a pecuniary gift:
I give free of inheritance tax £X to Groundwork UK, Lockside, 5 Scotland Street, Birmingham, B1 2RR. Charity number: 291558. for its general charitable purposes and I declare that the receipt of the treasurer or other proper officer for the time being shall be a sufficient discharge to my executors.