How to leave a gift in your Will

It is important to have an up to date Will, as this allows you to decide what happens to your belongings when you die. For example, looking after your family, friends and causes that are close to our heart.

If you die without a Will, the law will decides how your belongings are divided up. This is known as dying intestate.

Making a new Will or updating an existing one does not need to be complicated or expensive.

We have broken this down into 5 easy steps.

1. Value your estate.
2. Decide who you want to remember.
3. Think about the type of gifts you wish to leave.
4. Talk to a solicitor or Will writer.
5. Make sure you keep your Will safe.

Your solicitor or Will Writer will guide you through the process.

Updating an existing Will using a codicil is relatively straightforward too. A codicil is a simple form used to amend your Will.

Free Wills offer

At Scope, we offer 2 free Will writing services.

• National Free Wills Network
• Bequeathed

You can write a new Will or get one updated for free. You can do this online or in person with a local participating solicitor.

Please give us a call if you would like more information about these services.

Types of gift

There are lots of different ways you can look after friends, family and special causes in your Will. We explain the common ones below.

Residuary gifts

This is a share of your estate, after debts and fees are paid. Residuary gifts are usually a percentage of your estate. 'Residuary' refers to a share of what is left (the residue).

These gifts keep their value. As it is a percentage of the estate, it is not effected by inflation.

Cash gifts

This is a set amount of money left to someone in your will, sometimes called a fixed or pecuniary gift. Unlike residuary gifts, these gifts will lose value over time due to inflation.

It is possible to link these gifts to inflation, so that they keep their value better.

Specific gifts

This is specific item. It could be property, jewellery, shares or any other possession you would like to pass on in your Will. Your solicitor or Will writer may refer to these as 'chattels'.

Conditional gifts

These gifts require something to happen before the gift can be made. For example, if you out-live your beneficiaries then you may leave your estate to someone else.

Will trusts

This is a gift you can leave to someone so that they can benefit from your estate for a set time period, or their life time. When the time has ended, this gift will pass on to someone else. For example, you may leave your house to a child to live in until they can get their own place.