Why you should make a Will

When you die your affairs must be ‘wound up’. There are likely to be outstanding bills and funeral expenses to be met from your estate – that is to say, all the property owned by you at your death. Making a Will simplifies all this.

A Will is the only way to ensure that whatever you leave is distributed to people, organisations or charities, in accordance with your wishes and with the minimum delay.

Without a Will, the fate of your assets after the payment of outstanding liablilities is defined by law. Part passses to your surviving spouse and the remainder to your children. If you have no children then a share of your estate passes to your parents (if they are alive) or other relatives – friends cannot benefit – nor can charities or organisations. Don’t forget that your estate includes your house. Unless your partner jointly owns this with you, he or she will not automatically inherit it on your death, and could even be forced to move.

Furthermore, your relatives may on your death spend some time searching for a Will if they canot be sure you did not make one. This could delay the winding up of your estate quite considerably and cause distress at an already stressful time.

When you should make a Wil

As soon as you are of age and have possessions which you may dispose of you should make a Will. To put it off may lead to difficulties for your family later.

You may well need to alter your Will as your circumstances change, but this can be done very simply with legal help by adding a ‘codicil’. You must make a new Will if you get married, as marriage automatically revokes any existing Wills. Similarly, if you get divorced you should think about making a new Will. For someone who is married or has a family it is absolutely vital that a Will is made. Both husband and wife should make separate Wills.

How to make a Will

Most important of all, see a Solicitor. While it is possible for you to “do it yourself” using a Will form, this is not recommended.

Your intentions may be very simple, but the legal formalities and language required are complicated and need to be strictly followed. Scots law gives the spouse and children certain rights to a deceased person’s estate, and these have to be considered when a Will is made.

Just a minor difference in wording could make a major difference so far as the law is concerned.

Before you visit a Solicitor it will be helpful if you are prepared. Here are a few things you should do :

Make an estimate of the value of your assets.

List the names of people, organisations and charities you wish to benefit; it is important to get the names correct and spell them out in full. If you are not certain about our correct title or address please print this out and let your Solicitor see the text in order to include the full correct details.

Decide who are to receive cash legacies, and the amounts they are to have, and who will recieive gift of residue.

List any specific items of personal property and the people you wish to leave them to.

Decide who you wish to be your Executors. Their names and addresses have to be spelt out in full. You can choose anyone you like, but the administration of your estate can be time- consuming and tricky, so it is helpful to include a Solicitor among them. If you have children who minors, name Guardians too.

List any property you hold jointly and anything held in trust for you.

Produce any earlier Will, if you have one.

Write down any questions you may need to ask relating to your estate.

Decide if you wish to include instructions about cremation or burial in your Will.

Leaving a Legacy to Third Way

Bequests to organisations can be made in just the same way as gifts to individuals. They can take the form of specific gifts of money or possessions.

Alternatively, you can leave the residue, or part of it, to us.

If you would like to help Third Way in this way, please ask whoever is advising you to use the words set out below. They will ensure that your wishes are followed as you intend.

I give the sum of ……. pounds free of duty to the Third Way Movement Limited (Company No. 2905980) for the general purposes of the Third Way Movement Limited of 47d Roland Gardens, London SW7 3PG and I direct that the receipt of the Company Secretary or other proper officer of the Company shall be a sufficient discharge for the same.

or

I give the residue of my real and personal estate which I can dispose of by Will in any manner I think proper to the Third Way Movement Limited (Company No. 2905980) of 47d Roland Gardens, London SW7 3PG and the receipt of the Company Secretary or other proper officer shall be a complete discharge to my Executors therefor.

That is a simple way of adding a gift to the Campaign if you have already made a Will.

If you have already made a Will, it should be regularly reviewed and updated if necessary.

It is easy to make simple changes, such as adding a legacy. Your Solicitor will draw up an amendment form called a ‘codicil’ and this will be placed in your Will.

If you marry, remarry, separate, divorce or are widowed you will usually need to draw up a new Will.

Ensure you are on the Electoral Register

Under UK Legislation we will only be able to receive funds left to us in a will, if that person had been on a UK electoral register during the five years before their death.

If you are one of the people who have remembered the Third Way in their will, please make sure you are also on the electoral register. Just call your Town Hall and ask to speak to the Returning Officer if you are in any doubt. You should also contact us to inform us of your bequest and provide details of your executors. We can also arrange for a senior Party member to visit you and discuss matters in confidence and act as an Executor if required.

Why a legacy is so important to Third Way

The promise of a legacy gives us a good idea of money which will be available for our work in the future. It is a very special way of giving; many people cannot afford large sums in their lifetime but can make a significant and far-reaching contribution through their Will.