Making a will

  

Our step by step guide| to making a will takes you through many of the things you may want to think about when preparing to make a will.                                                                      

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Make the legal easy

Legal language can sometimes be difficult to follow, so we've put together a short list of legal terms| used when talking about wills.

Find out more about making a will

Why make a will?

We all have final wishes and a will helps put our final affairs in order.

Making a will is also the only way to make sure that your family and friends, and the causes close to your heart, receive what you think and hope that they should receive from your estate.

Although parts of your estate may go to your family if you have not made a will, these may not be the family members you expect or in the amount you would wish. Your family may also end up paying inheritance tax. 

Can I make a will myself?

Homemade wills, including the 'over-the-counter' templates available in many shops, can lead to very expensive problems that sometimes cannot be rectified. Important details can be left out, or the will could be invalid or lead to unexpected tax bills, for example.

Dealing with these issues may demand professional advice and can cause a lot of distress for those involved. We would therefore always recommend obtaining the advice of a solicitor.

What will it cost?

This will depend upon how complex your affairs and wishes are, but may not be as expensive as you think.

You can always request estimates from solicitors at no commitment. 

In England and Wales contact the Law Society for details of a firm near you:

www.lawsociety.org.uk|, or call 020 7242 1222.

In Scotland contact the Law Society of Scotland:

www.lawscot.org.uk|, or call 0131 226 7411.

Alternatively you can contact us| and we will be happy to obtain an impartial list from the Law Society for you.

Does Macmillan offer a will-writing service?

Unfortunately we cannot draft your will for you or recommend specific solicitors, but if you have any general questions in relation to leaving a gift to Macmillan please do contact us|.

How much inheritance tax will I have to pay?

If the total value of your estate is over £325,000 (the current inheritance tax threshold), your beneficiaries will have to pay 40% inheritance tax on the amount over £325,000.

This means that if your estate is worth over £325,000, your beneficiaries will only keep £6,000 out of every extra £10,000 that you leave.

Gifts to charities in your will are generally exempt from inheritance tax. If you leave a charitable gift it will be deducted from your estate before inheritance tax liability is calculated.

I’m married, is my tax allowance different?

Married couples and civil partners can combine their tax allowances. This doesn’t raise the inheritance tax threshold to £650,000, but it allows the surviving spouse or civil partner to benefit from any unused portion of their spouse or partner's allowance.

For example, if the first partner's death uses up 50% of their tax free allowance, there will be an extra 50% available on the death of the second partner. In the current tax year, that would provide the surviving spouse with a total allowance of £487,500 (their own allowance of £325,000 plus the transferable 50% of £162,500).

Each individual's tax situation is different, and we always recommend consulting with your solicitor when making any changes to your will. Stay up to date with changes to inheritance tax at:

www.hmrc.gov.uk/cto/iht.htm|