Make Your Will!
The most important thing about making your Will is that it is the only guaranteed way of ensuring that your wishes for your "estate" are carried out after your death. Without a Will, your family may not be fully aware of your wishes, and part of your estate could end up in the hands of the taxman.
Making your Will can also help you with tax planning. Many people, especially homeowners, are surprised by how much their estate is actually worth. The notes on "Inheritance Tax" give further details.
No matter how young you are, making your Will is always sensible. Whilst we all now tend to live longer than our parents and grandparents, no one can rule out the possibilities of tragic accidents - we read and hear about them every day of the week.
You can write your Will in several different ways, leaving a fixed amount, a bequest in kind or the residue of your estate. If you have already made your Will you can make a simple addition to it, called a Codicil. You may add more than one Codicil to your Will.
There are several types of gift you can make in your Will. These are defined in the notes on “Legal Terminology”. The wording needed to include a legacy gift to one of the Central Masonic Charities is contained in the notes on “Leaving a Legacy Gift”.
It is always advisable, however, to seek professional advice from your legal advisor when making or amending your Will and we would urge you to do so, to ensure that your wishes are complied with.
Here are six simple steps to making or changing your Will:
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Make a list of your assets, including things like property and money.
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Write down any outstanding debts you may have.
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Make a list of the people and charities you would like to benefit from your Will.
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Decide who you would like to carry out the instructions in your Will. This person is called the Executor.
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Make an appointment to see a solicitor or other qualified legal professional to draw up your Will.
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Don't forget to keep your Will up-to-date. If you already have one and would like to add a gift to one of the Masonic Charities, this can be done via a Codicil.
Once you have written your Will, you should review it periodically, especially when, for example:
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you marry;
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you have a child or grandchild;
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there is a death in your family;
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you separate or divorce from your spouse or partner.
You should review your Will when any “life event” such as those listed above occurs.
We all want to do what we can to ensure our loved ones will be taken care of when we're no longer here - that's one of the reasons we make a Will. But the legacies we leave behind can have an even further-reaching effect.
Every amount we receive is equally important - don't feel that it has to be a huge sum. Whatever you can give us helps us to fund the important work of the four Central Masonic Charities for and on behalf of all members of the Masonic family. However, as is always the case with Freemasonry, your family comes first, so do ensure that you have made proper provision for them before making any legacy gift to a charity.
Futher information may be obtained by searching the websites of the following organisations: