Finance: Updating Your Will

September 15, 2008

Review your will regularly.

Create a new will

When you are making your Will there are several things to be considered, such as:

* making a list of your assets

* thinking about the way in which you want to divide your estate

* thinking about who to appoint as executor

FREE Will Service

If you are over 55 and a UK resident Cancer Research can provide you with a list of solicitors in your local area who can help you make or update your Will at no cost to you. The Cancer Research UK FreeWill Service (FWS) operates in a number of areas across the UK, so there should be a participating solicitor near to you.

Types of Legacy

There are a few different kinds of gift you can leave in your Will. The most common are described below.

Residuary bequest

A gift of the remainder of the estate after all other bequests have been made and debts cleared is called a residuary bequest.

Pecuniary bequest

A gift of a fixed sum of money in your Will is called a pecuniary bequest. The value of pecuniary legacies will decrease over time, as the cost of living increases.

Specific bequest

A particular named item left as a gift in your Will is known as a specific bequest – for example, a piece of jewellery.

Contingent 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).
Together we will beat cancer

A gift in your will to Cancer Research UK will help save lives, by planning vital research far into the future. Together with Cancer Research you can bring better treatments and more effective methods of prevention to all those suffering from or at risk of cancer.
Click here to find out more

Pages: 1 2