Write your will for free this March
How does Free Wills Month work?
Free Wills Month takes place this March, giving anyone aged 55 or over the opportunity to write their will for free, or to update an existing will if they already have one.
One in three over 55s say they do not have a will, despite the fact this could mean their loved ones won’t end up inheriting the things they want them to.
According to research by Canada Life, the main reasons people don’t write a will include believing that they do not have enough assets or wealth to warrant making one, and not being able to afford to make one. However, if you sign up for Free Wills Month, you can get a solicitor to draft a will for you without having to pay a penny.
How does Free Wills Month work?
To take part in Free Wills Month, you need to submit your details on the Free Wills Month website. You’ll then be offered access to details of local participating solicitors who you can contact directly to arrange a time to write your will.
Free Wills Month is arranged in conjunction with a range of UK charities including the Samaritans, Guide Dogs, the NSPCC, Mind, Shelter and Mencap. Charities depend on gifts in wills for up to half their income, and although you’re under no obligation to leave a gift in your will to one of the Free Wills Month charities, it is hoped that many people will use it as an opportunity to help the causes that are close to their hearts.
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It’s worth noting that if your estate is likely to be liable for Inheritance Tax, leaving a gift to charity in your will could help keep your tax bill down.
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Will referral service from Age Partnership
Olly Cheng, associate director at Saunderson House, part of Rathbones Group, said: “Leaving any sized financial gift to charity is exempt from inheritance tax, so it’s certainly worth considering as a way of reducing your bill. If 10% of your net estate is left to charity, the rate of inheritance tax applicable on death is reduced to 36% from 40%, meaning the taxman would take a smaller cut of your estate. It also means you can leave a portion of your wealth to a good cause.
If you’re interested in getting your will written, don’t wait until the end of the month to act as appointments are limited and will be offered on a first come first served basis. That means once they’ve run out, no more will be allocated, even if this happens before the end of the month.
Bear in mind too that you will only be able to get a ‘simple’ will written for free, so if your affairs are more complicated, you may have to contribute, but your solicitor should let you know how much at the outset.
Why write a will
Having a will in place ensures that your wishes will be carried out when you die, and your property and possessions will go to who you want them to. If you die without a will, then intestacy laws apply and your estate will be distributed in a set way, and not necessarily to who you want.
It’s especially important to write a will if you have a partner but you aren’t married to them, as even if you’ve lived with them for years, they have no automatic rights under the intestacy rules. That means a will is vital if you want peace of mind that your assets will go to your partner.
