How does Rest Less make money
We make money through advertising and commission from affiliate links, which enable us to offer Rest Less as a free service to our users. The content on this page may use affiliate links, which track traffic from our website to a third party provider and enable us to receive a commission or payment from any traffic we refer.
* Affiliate links on this page have an * next to them. We place enormous importance on our editorial independence and the integrity of our content which means that we will never change how we write about something as a result of an affiliate link.
If you haven’t made a will yet, why not help charities and yourself through the Will Aid scheme?
Will Aid takes place every November, but you can usually book an appointment several weeks in advance if you want to. Solicitors will draw up basic wills for free in return for a donation, with funds split between eight partner charities. This year, these are Age UK, British Red Cross, Christian Aid, NSPCC, SCIAF (Scotland) and Trocaire (N. Ireland), Crisis and Shelter.
Figures from the Money and Pension Service show that more than half (53%) of adults aged 50-64 and 22% of those aged 65 and over don’t yet have a will. Many people think they won’t need one, mistakenly assuming that their money and property will automatically pass to their spouse or partner and their children if they have any. In fact, the rules aren’t that straightforward and, if you’re not married, your partner is only entitled to money in joint accounts and property you own as joint tenants.
Here, we explain how Will Aid works and what to do if you want to leave money to a different charitable cause.
What is Will Aid?
Will Aid is a scheme that involves solicitors throughout the UK providing simple wills free of charge in return for a suggested donation of £120 (or £200 for a pair of mirror wills, which are essentially identical wills for each of you if you’re in a couple). These donations go towards supporting Will Aid charities. Visit Will Aid to find details of a solicitor near you who’s taking part in the scheme.
If your will is likely to be complicated and involve tax-saving measures, you won’t be able to get it drawn up and leave a donation under the Will Aid scheme. But it may be worth asking the solicitor if they will do more complicated tax planning for a separate fee and, if so, how much that would be.
Will Aid is separate from Free Wills Month, which runs every October and March. The Free Wills Month scheme is supported by various charities, such as Marie Curie, NSPCC, Mind, Guide Dogs, Shelter and more, with the hope that those who take advantage may leave a legacy to their favourite cause.
You’re under no obligation to do this, but if you use the Free Wills scheme, your solicitor will ask you if you want to include a charitable donation in your will. Find out more in our article Get a free will!
Cut tax by giving to charity
Leaving money in your will is an easy way of supporting their activities – and it’s tax-efficient.
Currently, your estate pays inheritance tax at 40% on anything that you leave above the inheritance tax threshold, which stands at £325,000 (£650,000 for married couples). Anything you leave to charity is free from inheritance tax. If your estate is just over the inheritance tax threshold, leaving money to charity will save you tax.
It’s worth noting too that if you’re planning to leave a charitable gift in your will that is equivalent to 10% or more of the value of your estate, this will reduce the rate at which you must pay inheritance tax from 40% to 36%.
Please bear in mind that inheritance tax planning can be a complex area, so it’s worth seeking professional financial advice if you’re unsure. Find out more in our guide Why leave a gift in your will to charity?
When you leave money to a charity in your will, it’s better to say that you want to leave money to a specific charity and then spell out what should happen to that money if for any reason the charity is no longer operating when you die. For example, would you want money to go to a charity operating in a similar field? If so, it’s worth stating this.
Myths about who gets what
Many people incorrectly assume that if they’re married, their loved ones will inherit everything fairly without them having to leave a will. If the estate is valued at more than £322,000, the inheritance is divided between your partner and any children. However, if the estate is valued at £322,000 or less, then the children won’t inherit anything and instead your partner inherits the following:
- all the personal property and belongings of the person who has died
- the first £322,000 of the estate
- half of the remaining estate
The children will inherit the other half of the remaining estate. If you have more than one child, this amount will be divided equally between them.
In Scotland, your spouse or civil partner would inherit your property up to the value of £473,000, whether or not you had children, plus furniture and other assets up to a specified value, which is currently £29,000. They’d also be entitled to inherit a cash payment of £50,000 if there are children, or £89,000 if there are none. The rest of the estate is then divided, with two-thirds going to your spouse/civil partner and the remaining third divided among your children.
People also often don’t realise that if you remarry in England and Wales, this invalidates your will. In Scotland, getting married again doesn’t invalidate your will so you must make sure you update it if you want to ensure your surviving spouse benefits from your estate when you die.
Other myths include that divorce invalidates your will. This isn’t the case. In Scotland, divorce has no effect on a will and in England and Wales it only invalidates gifts made to your ex-husband or civil partner.
Drawing up a will – the basics
Before you sort out your will, it’s useful to spend some time thinking about who you’d like to sort out your affairs when you’re no longer here. You will have to appoint executors when you draw up a will. They will be responsible for making sure that any taxes get paid and that the people you’ve left money and gifts to actually inherit them.
It’s important to make sure they’re happy with the responsibilities. If they’re not, they can refuse to do it when the time comes.
As well as thinking about who you want to leave what in your will, it’s worth planning your funeral too. It sounds grim but when you draw up your will it’s the ideal opportunity to set out your preferences. Would you rather be buried or cremated? Is there any particular music you would like? The more information you can provide, the less uncertainty there will be for those who are left behind. Find out more in our guide How to write a will.
A final thought…
Writing a will is not just about passing on money. It can give you valuable peace of mind that anything that’s important to you will be looked after when you’re no longer around. For example, if you have a treasured possession or valuable work of art, you can make sure it goes to someone who will appreciate it. And if you have a pet that will need care after you die, you can nominate someone to look after him/her (and set up a fund to make sure they have the money they need).
So don’t delay, if you’ve been putting off writing or reviewing your will, now’s the time to seize the nettle and do it.
Rest Less Money is on Instagram. Check out our account and give us a follow @rest_less_uk_money for all the latest Money News, updated daily.
* Links with an * by them are affiliate links which help Rest Less stay free to use as they can result in a payment or benefit to us. You can read more on how we make money here.
Request a FREE Choice Funeral Plan Brochure
A Choice Funeral Plan lets you pay towards your funeral and record your wishes in advance, helping to give you and your family peace of mind.
Request your brochure using the link below or speak with one of our experienced team members at Choice on 0808 258 4867.
Terms, conditions, limitations and exclusions apply.
Join the discussion
Read our full commenting terms and guidelines