You can make a real and lasting difference to the lives of gravely ill children by remembering React in your Will. Most people are aware of the importance of making a Will, however, it often takes a significant life event to encourage us to put pen to paper – make today that day!
Let us help answer some of your questions:
Legacies – A legacy is straight forward gift of money left in a Will.
Bequests – A bequest refers to property and possessions.
If you die intestate (without making a Will), all of your possessions and savings are passed on to the state and the law has the final say on who gets what.
Your next of kin would have to apply to the Probate Registry for permission to administer your estate. This can be a lengthy process as professional legal advice and representation is normally required.
The four most common types of Legacies and Bequests:
A Pecuniary Legacy
A gift of a specific sum of money.
It is worth remembering that pecuniary Legacies lose value from the day the Will is made.
A Specific Bequest
A gift of a property or asset.
This includes a house or shares
A Residuary Legacy
A gift of the remainder of the estate after all other bequests have been made and debts cleared is called a residuary bequest.
A gift in your Will that depends upon the occurrence of an event which may or may not happen is known legally as a contingent bequest.
An example is a bequest to a charity which applies only if other beneficiaries named in the Will die before the testator (person who made the Will).
It is important you keep your Will up-to-date to take account of changing circumstances. If you would like to include React in your existing Will you can do this by adding a codicil.
A Codicil is quite simply a document that amends an existing Will and there is no limit to the number of Codicils which can be made to one Will. So if you have already made a Will but have decided to kindly make a bequest to React, you can do so by means of a Codicil
I [full name] of [address] DECLARE this to be a [first/second/etc] Codicil to my Will dated [insert date of Will]:
1. In addition to any legacies given by me in my said Will I give to Rapid Effective Assistance for Children with potentially Terminal illness [the sum of �…. (words)] OR [state the specific item to be given] [for its general charitable purposes] OR [and I request React (but without imposing any binding trust or legal obligation) to use the legacy for [state specific purposes] ] and I direct that the receipt of the Finance Director for the time being or other duly authorised officer shall be sufficient discharge to my executors.
2. In all other respects I confirm my said Will and any other Codicils thereto.
IN WITNESS whereof I have hereunto set my hand this [insert day, month and year] .
Signed by the said [insert your full name] as a Codicil to [his/her] last Will in the presence of us who at [his/her] request and in the presence of each other have hereunto subscribed our names as witnesses [insert the signature, name and address of two witnesses].
Note: Neither witness should be an Officer, Fellow or employee of React or connected in any other way with React.
Although Wills can be made using ‘over the counter’ templates, any mistakes in the Will can lead to problems that could be expensive to rectify. If you have any doubts with regards to making a Will, it is recommended you obtain the advice of a solicitor. It is also advisable that you seek independent advice if one or more of the following apply:
. If you are not a British citizen and your permanent home is not in the UK.
. If you own a farm.
. If you are a sole trader and wish to leave specific instructions as to the contribution of your business.
Additionally, if you have immovable assets (e.g. property) anywhere other than in England or Wales, then you should make a Will for all of your assets in England and Wales and then make another in the country(s) in which your other assets are held.
If you decide not to use a solicitor, there are many different websites that offer Will making services online. One such site is www.thewillsite.co.uk where React is one of the listed charities.
If you have any further questions or would like to discuss other ways in which you would like to support React, please contact the React office on 020 8940 2575 or email us.