what is your legacy?

Naomi Buckler looks at the importance of planning for what you will leave behind.

As healthcare professionals, we come across issues of life and death more than most people. But does that mean that more of us have written a will? If you haven’t, you should.

If you leave a legacy, then this is likely to be the largest charitable gift of your lifetime, and it could make a very significant difference to the causes you care about. Time spent planning could reap dividends in the future.

why every Christian should have a will

Writing a will allows you to make sure your family are provided for and makes it much easier for them to sort out your affairs were something suddenly to happen to you. It gives you the opportunity to make sure that any special wishes are recorded. And by leaving a legacy, you can support the causes that mean most to you.

Q&A

How long will it take? A simple online will might take half an hour of your time. Or you may decide to visit a solicitor. But it is well worth spending the time and having peace of mind.

How much will it cost? You can sometimes get a simple will written for free by using a service from a charity. The Goodwill Partnership offer a low-cost will at around £125. A more complicated will and visits to a solicitor may be a few hundred pounds, but could save tens of thousands in the long term.

What do I need to know? You’ll need to be able to list out your major assets, and if you want to leave money to charity, you’ll need to know their name and charity number. You may also like to think in advance about who will be your witnesses and who you will name as executors.

Now that I’ve written my will, how do I amend it? You can make changes in a codicil so that you don’t need to amend your whole will. This shouldn’t cost much from a solicitor.

did you know?

• Interest in legacies suddenly increased after Boris Johnson contracted COVID-19 and became very ill in hospital in 2020.
• There can be big tax benefits when you bequeath ten per cent of your estate to charity, as this reduces the taxable rate from 40 per cent to 36 per cent. So, you may be able to leave a sizable sum to charity without reducing the amount left to family by much at all.
• If you have already written your will, adding a codicil to leave an additional amount to charity is relatively simple.
• CMF’s office is very close to the site of the old Marshalsea Prison, where Charles Dickens’ father was imprisoned for debt. He was rescued by a legacy.

options for writing your will

While there are some free will schemes offered by charities, if your affairs are a little more complicated, then you might want to consult a local solicitor. As a rule of thumb, if you expect to be concerned about inheritance tax, you should be consulting a solicitor.

If you have several charities you want to remember in your will, then you may find that Stewardship’s Expression of Wishes service is a good solution. This allows you to name several charities, but to change them easily without any changes to the will. They make a three per cent charge when disbursing the legacies, but this is very good value as many small charities do not have the resources to do the admin work themselves. And any money left over goes to Stewardship to help them in their support of Christian giving.

Some extra things to consider

• What will you tell your family? You don’t need to share your plans with them, but it might be something to consider.
• Guardians for children, dependents or pets.
• Who will be the executors?
• If you have any special wishes for your funeral, you may be prompted to write this by your solicitor or through an online consultation. ›

If you would like to discuss remembering CMF in your will, please contact CMF Operations Director, Ben Daniel at ben.daniel@cmf.org.uk