Why do I need a Will?

A Will is one of the most important documents you’ll ever write and gives you peace of mind that your wishes will be honoured. It’s the only way to make sure the people and causes you care about are looked after, and it’s where you decide what happens to your money and possessions.

What happens if I don’t make a Will?

If you die without making a Will (called dying ‘intestate’), or your Will fails because it has not been prepared correctly, then the law sets out who will inherit your assets. This may result in your assets being distributed in a way that does not reflect your wishes and could mean your estate has to pay additional Inheritance Tax.

What sort of gift can I leave?

In general, there are three types of gifts to choose from:

Residuary gifts
A residuary gift is a share of your estate once all other gifts have been paid and expenses settled. You can give the whole of the residue, or a portion of it, to a person or a charity like the BSO. This type of gift is the most beneficial because it’s a percentage of your estate, rather than a fixed amount, and means your gift will retain its value. Even a small percentage can make a big difference.

Pecuniary gifts
This is a gift of a specific sum of money, otherwise known as a ‘cash gift’ (e.g. £5,000). To ensure it keeps its value over the years, you may want to talk to your solicitor about index-linking your gift to protect against the effects of inflation.

Specific gifts
A specific gift is an object such as a painting, musical instrument, a jewellery collection, or a property.

What about Inheritance Tax?

Inheritance Tax is the amount of money that will need to be paid from your estate if it’s over a certain value. Gifts in Wills to charities are exempt from Inheritance Tax which means that leaving a gift to the BSO may help reduce your tax liability.

If you leave 10% or more of the net value of your estate to charity in your Will, your estate may qualify for Inheritance Tax at the reduced rate of 36% rather than 40%. However, everyone’s tax situation is different, and I suggest you consult with a solicitor or contact HMRC to discuss the ways charitable giving may reduce Inheritance Tax on your estate.

What if I already have a Will?

It’s a good idea to review your Will periodically to make sure it still reflects your wishes. Changes in your personal circumstances, such as marriage, divorce, or becoming a grandparent, may mean you need to update your Will. Or you may decide to include a charitable gift to a cause you care about. You can make minor changes to your Will by adding a ‘codicil’, which is a legally binding amendment. Your solicitor will be able to advise you on the best way to update an existing Will or, if your Will is straightforward, you may prefer to write a new Will.

How should I word my Will?

I would always recommend seeking the advice of a solicitor or professional Will-writer regarding the best way to word your Will. If you decide to include a gift to the BSO, you will need their charity name, address and registered charity number.

Bournemouth Symphony Orchestra
2 Seldown Lane, Poole BH15 1UF.
Registered charity number 208520

I want my grandchildren to sit in the concert hall and fall in love with the BSO, like I have.
Teresa, BSO supporter