Why should I make a Will?

If you dont make a Will you die intestate [see Jargon Buster], which would mean that only your nearest family would bene t. However, the division between your close family under the intestacy rules may not be what you would have wanted and other family members, friends and favourite causes you might want to remember would receive nothing. It could also lead to an unwanted and avoidable tax bill on your death.

I know I ought to have a Will, but isnt it very complicated?

Not at all, and if youre just making a very simple change to your Will, it can be even more straightforward by adding a codicil to your original Will rather than redrafting it completely. The more you can plan upfront the better, which is why weve enclosed the Handy Hintsand My Will Checklistbooklets at the back of this guide.

Your questions a
I would consider a legacy to the BHF, but I dont want my family and friends to miss out. What should I do?
Of course, family and friends come rst. All we ask is that you consider leaving us a share of whatever is left in your estate once all your speci c wishes have been carried out. There are also tax advantages of leaving a legacy to charity (see What are the tax implications? on the opposite page).

What about the law in other parts of the UK?

The inheritance law is the same in England and Wales. However, some important aspects di er in Scotland, Northern Ireland, the Channel Islands and the Isle of Man. A solicitor or legal adviser with knowledge of those jurisdictions can help you if this is a relevant issue.

11

What is the legal wording for leaving a gift to the BHF?

We cannot say for certain because that depends on the nature of the gift. Your solicitor or legal adviser can advise you on correct wording but please ensure that it includes our full name British Heart Foundation, our address 14 Fitzhardinge Street, London, W1H 6DH, and our Registered Charity Number 225971.

What are the tax implications?

If your estate exceeds the Inheritance Tax threshold, you may be liable for the inheritance tax on the amount by which it exceeds the threshold, unless youre able to reduce the amount payable by the use of tax reliefs. The threshold for the year 2007-08 is 300,000, rising to 312,000 in 2008-09, and 325,000 for 2009-10. However, because legacies to charity are generally exempt from inheritance tax, your estate would only be liable to the extent which its value exceeded the threshold minus the value of any gifts to charities such as the BHF and any other exemptions. Tax is a complex issue and if your estate is likely to be worth more than the threshold and you are interested in keeping your tax bill as low as possible on your death you should seriously consider getting legal assistance in preparing your Will. We also have various exemptions from capital gains and income tax. So, a legacy to the BHF could help to signi cantly reduce or eliminate the tax burden on your estate. Overleaf youll nd more information on Inheritance Tax and how to keep your liability as low as possible.

nswered
When should I make or change my Will?
Its a good to review your Will with a solicitor or legal adviser to re ect births, deaths or separations in your family or major changes in your own circumstances. In particular, if you get married your last Will is automatically cancelled and on a divorce your ex-spouse will be treated as if he/she has died. There might be a considerable change in your nancial circumstances, such as a large increase or decrease in the value of a property you own, or you may be the bene ciary of a Will yourself. Changes in laws such as inheritance tax are important to look out for, or you may just decide youd like to include another bene ciary or charity in an existing Will.
12

I am happy with my Will, but I want to add a gift to the BHF. What do I do?
Ask your solicitor or legal adviser to draw up a codicil a simple legal addition to your existing Will. If your question isnt answered here, your solicitor or legal adviser will be able to help you. Or, you can call our Legacy Department on 020 7487 7194.