Step-by-step guide to leaving a gift in your Will
1. Choose who to include in your Will.
You can leave a gift in your Will to family, friends and any charities that you care about. These are known as your beneficiaries.
2. Decide what type of gift to give.
There are three types of gifts in Wills:
- A residuary legacy is when a person leaves a percentage of their estate after all the other legacies have been made and debts cleared. One of the advantages of a residuary legacy is that it has the benefit of being inflation-proof, and means you’re less likely to need to update your Will in the future
- A pecuniary legacy is a gift of a specified sum of money. To prevent its real value from decreasing over time, this gift can be index-linked to the Retail Price Index
- A specific legacy is a gift of a particular item, such as property, antiques, jewellery and stocks
3. Choose your executors.
Your executor is the person who carries out the instructions left in your Will. You could choose a loved one or a professional executor, such as a solicitor. A professional executor can also be appointed at a later date by your loved ones. Professional executors will charge for their services, and this is usually deducted from the value of your estate. It is recommended to have between two and four executors.
Cats Protection can act as executor, either solely or as a joint executor. We are able to do this because we have an in-house Legal team who are experienced in this kind of situation. This enables us to keep costs as low as possible, so that we can ensure that as much of your estate as possible goes to the people and causes that you care about. We have provided suggested wording if you wish for Cats Protection to act as executor of your Will.
If you have any questions about the process of being an executor, our Legacy Administration team will do their best to help you. Please contact our Legacy Administration team on 01825 741 992, email legacy@cats.org.uk or write to Legacy team, Cats Protection, National Cat Centre, Chelwood Gate, Haywards Heath, RH17 7TT.
4. Calculate the potential value of your estate.
Your estate includes any property, cash, bank and savings accounts, stocks and shares, and personal possessions you own. Any outstanding bills, debts and invoices must be deducted to establish the potential value of your estate. In some cases, inheritance tax may be payable.
5. Consider inheritance tax.
Any gift you make in your Will to Cats Protection also has the added benefit of being exempt from inheritance tax and could even reduce the liability for your loved ones if your estate is over the inheritance tax threshold. For further information, please see the inheritance tax advice on gov.uk
6. Write your Will.
We recommend using a professional Will writer to write your Will. Professional Will writers charge a fee, or you can use our free Will-writing service instead. The National Free Wills Network and The Goodwill Partnership are free Will-writing services offered to supporters of Cats Protection. We also have some suggested wording you can use to include Cats Protection in your Will. Your Will needs to be signed in the presence of two witnesses. These witnesses cannot be a beneficiary of your Will or codicil, or their spouse or civil partner.
7. Let Cats Protection know if you’ve left us a gift.
There is absolutely no obligation to tell us that you have left a gift in your Will, and any pledge you make is not legally binding. However, if you would like to let us know that you have remembered Cats Protection in your Will, we’d love to hear from you so that we can thank you for remembering the charity in such a personal way. You can let us know by using our online pledge form.
8. Keep your Will safe.
Professional executors may offer to store your Will. Keep copies of your Will where they can be easily located upon your death. Many people provide copies of their Will to the named executors. If you have multiple executors, it is advisable to give each a copy or at least make them aware of where the Will is kept.
9. Keep your Will up to date.
If your circumstances change, consider updating your Will using a codicil form. This simple form allows you to amend or add to your Will without having to write a new one. It needs to be signed in the presence of two witnesses. These witnesses cannot be a beneficiary of your Will or codicil, or their spouse or civil partner.
If you would like to add a gift to Cats Protection In your Will, you can download our codicil form. You will find full instructions at the top of the downloadable form. We recommend that you seek advice from a legal professional when using a codicil as it affects the contents of your Will.
More complex changes will require a new Will. Make sure you destroy your old Will or clearly mark it as an old one.