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The myths surrounding gifts in wills

Geoff Kennedy - Reedbeds

Did you know that less than half of UK adults have written a will?* If you haven't got around to writing a will, or find the process confusing or intimidating, you are not alone. In this blog, we will tackle some of the most common misconceptions around will writing, and demonstrate why everyone should think about writing a will.

We know that thinking about writing a will can be a daunting experience: where do you start? How long does the process take? How much is it going to cost? All of these questions can be exhausting and if you aren’t sure where to begin, it’s easy to put this on your to do list and leave it for another day.  

Thankfully, there is now lots of help available if you’re thinking about writing a will but aren’t sure where to begin. As well as special weeks like Remember a Charity Week, many organisations such as Octopus Legacy and Morecambe Bay Wills and Estates now offer free will writing services and free will reviews, and can reassure you about some of the myths surrounding gifts in wills. Here are some of the most common. 

 

Myth 1: Making a will is expensive

A typical will, will cost around £150, but do check with your local solicitor as they may have offers such as a special reduced price. It’s also worth keeping an eye out for Will campaign weeks such as Remember a Charity Week. Many solicitors will offer reduced will writing or even free Will writing services during these weeks.

Lancashire Wildlife Trust has recently partnered with Guardian Angel, who offer free wills online, and Morecambe Bay Wills and Estates, who offer free will reviews and other offers for our members. There's no catch - it’s free for you and free to us.

 

Myth 2: Making a will is complicated

Writing or updating your will doesn’t need to be difficult or take up a lot of your time. It can take less than one hour to write a will, but being prepared is key. Remember a Charity have created an easy to follow guide for getting started on your will.   

Octopus Legacy also have an online scoring system, so you can see how prepared you are already to write your will. Complete the quiz here and find out your score.

After you've received your score, if you're ready to, you can write your will online for free with them.

 

A woman writing a Will at a wooden table

Green Chameleon/Unsplash

Myth 3: I have to make a choice between my family or a charity

Remember that this is your will, and your wishes. You don’t have to make a choice between anyone: who you leave a gift to is completely up to you. Your loved ones will always come first; and once you’ve looked after your friends and family, it's entirely possible to also leave a gift to charity so that you can make a lasting difference to a cause that you believe in. 

 

Myth 4: I can only leave to one charity

You can leave gifts to as many charities as you like, and you can specify what type of gift you want to leave to each. You could leave an equal share of your remaining estate after your loved ones are taken care of, or you could leave a specific gift such as a vehicle, a painting or even jewellery. 

 

Wildflower meadow (c) James Adler

Wildflower meadow by James Adler

Myth 5: A small amount won’t make a difference

No matter the size of your gift, it will make a difference. Every penny that we receive goes towards our vital conservation work across the region, and every penny really does count. You don't have to leave thousands of pounds to make an impact. 

Here are some of the things we've been able to achieve thanks to gifts in wills: 

  • We've improved the pathways at our reserves, allowing people to get closer to nature and encourage the next generation to fall in love with wildlife. A gift left in a will allowed us to transform the pathways of Brockholes to ensure they were wheelchair-friendly, honouring the memory of one of our supporters who spent many hours close to wildlife in her own wheelchair.  

  • Create more habitats for the wildlife that call our nature reserves home. A gift left in a will allowed us to create a bat hibernaculum from an old and disused structure, providing a safe home for bats at Mere Sands Wood.  

  • Create wildflower meadows, offering shelter and food for important pollinators. Thanks to the generosity of a gift left in a will, we will be creating a wildflower meadow at Brockholes, which will benefit all types of insects and pollinators, from huge, fuzzy bumblebee queens to pint-sized solitary bees.  

Don’t forget that you can talk to us anytime if you’re unsure about your gift. If you’re kindly thinking about leaving something for wildlife in your will, we would love to hear from you.

 

Myth 6: Once I’ve made a will I can’t change it

It is a good idea to review your will from time to time to ensure it reflects any changes in your personal circumstances (for example if you get married, separated, have children or grandchildren, or buy your first home). Any changes to your will are called a codicil – this is a document which allows you to make changes or additions to an existing will and must be read in conjunction with it. Please contact your solicitor to discuss this. 

If you choose to write your will via our partners at Octopus Legacy, and later choose to make an addition or amendment to your will, this can be done for free at any time during the first year, and for £10 per year after that. 

 

Myth 7: You don’t need to make a will until you’re older or retired 

Making a will is often seen as something that doesn't need to be thought of until later in life. But did you know that anyone over the age of 18 can make a will? 

Whilst it's not the most pleasant thing to think about, none of us know what's around the corner. A will is the safest way to ensure that your loved ones are provided for, whatever your stage of life or your financial situation. By making a will you'll make sure your loved ones don't have to worry, and avoid your estate not going where you would have wished.  

Myth 8: Inheritance tax doesn't impact me

Yes, Inheritance Tax doesn't apply to everyone, however if your estate is over £325,000, it's worth thinking about. Inheritance Tax is charged at a rate of 40 per cent on estates over the IHT threshold (also known as the nil rate band) which is currently set at £325,000. This means that any part of your estate above that value may be taxed. The good news is that leaving a gift to charity in your Will can help reduce, or even remove, the tax burden on your estate. Gifts in wills to registered charities are currently exempt from Inheritance Tax, so by leaving a gift to the Lancashire Wildlife Trust, the full value of your gift will go straight to wildlife conservation.   

Any charitable gifts you make will be taken off the value of your estate before Inheritance Tax is calculated. In addition, if you leave a charitable gift of 10% or more of the net value of your estate, your Inheritance Tax rate will be reduced from 40% to 36%. 

Please note that Inheritance Tax rules can change at any time, so it's important to double check this information at the time of reading. 

We hope that this guide has been helpful, but we understand that there are lots of other factors around writing a will that you may still have questions about. Take a look at our frequently asked questions to learn more. 

Leaving a gift to The Lancashire Wildlife Trust in your will after you’ve taken care of family and friends is an incredible gesture that will help us to conserve our region’s most threatened wildlife and wild places for the future. If you are considering leaving a gift for wildlife in your will, or if you have already done so, thank you. You are under no obligation to let us know about your plans, but if you feel comfortable doing so, then we’d love to hear from you about your plans.

*Remember a Charity research 

 

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