A GUIDE TO MAKING AND UPDATING YOUR Will Our short guide to writing and updating your Will takes you through some of the things you need to consider when thinking about and preparing this very important document.

Why do I need a Will? Did you know that more than half of people in the UK don’t have a Will? And half of those who do have never updated it. If you die without a valid Will your estate is said to be ‘intestate’. This happens when you don’t have a Will, have cancelled it, or because your Will is invalid, for example if it is incorrectly witnessed or unsigned. Having a professionally written up-to-date Will is the best way to ensure that the people and causes you love are looked after.

I already have a Will. Do I need to update it? It is a good idea to review your Will to make sure that the details and clauses still reflect your wishes, especially if there has been a change in your personal circumstances. These changes could include: • marriage, divorce or separation • a new arrival or death in your family • moving home or moving abroad • a change in your financial circumstances

Another important way of looking after future generations

I’m creating tomorrows in my Will.

What will your legacy be?

So many of us know what cancer means, because we have been through it – either ourselves or with someone we love. But the good news is we can change things. Research is revealing the genetics of cancer. And although it is early days, the discoveries we have made are being used to identify people at high risk of cancer, detect the disease earlier and design more tailored treatments. A gift in your Will to Cancer Research UK would help to bring forward the day when all cancers are cured, and is another way of looking after future generations.

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Who should write my Will? There are a number of options when it comes to making your Will, but we always recommend consulting a professional. A professional will ensure that all the legal formalities are correctly followed and that your Will is valid. Here are some options: 1. Using a solicitor The cost of using a solicitor varies depending on how complicated your Will is and which part of the country you live in. The solicitor should make it clear from the start how much they will charge. The Law Society can help you find a solicitor in your area. For more information please call 020 7242 1222 or visit www.lawsociety.org.uk. All calls from UK landlines are charged at national call rates. If you are over 55 you could consider using the Cancer Research UK Free Will Service to make your Will. For more information please visit cruk.org/FreeWill or call 0300 123 1862 for a list of participating solicitors in your area.

A gift in your Will to support our work would be a life-saving legacy, helping more people to survive cancer in the future.

2. Using a Will Writer Professional Will writers are another option, but they are currently less regulated than solicitors; it’s important to check that they belong to a professional body such as the Institute of Professional Will Writers. For more information on the Institute of Professional Will Writers or to find a Will writer in your area please visit www.ipw.org.uk. 3. Using a bank Many high street banks now offer Will writing services. Your local branch will be able to provide you with information about the services that they offer. 4. Using a DIY Will kit This may seem like a cost-effective option but it’s very easy to make technical mistakes. These mistakes could invalidate your Will or lead to costly disputes in the future. The money that you save now, by not paying a professional to write your Will, can easily be outweighed by the cost and upset that mistakes may cause after you have died. Remember that you should never write on your Will, cross out names or figures, or attach anything to it – in some cases this could invalidate it.

How do I choose my Executors? Your executors are the people named in your Will who will carry out your wishes. It is a good idea to choose and name at least two people to do this job – in case one is unable to act for you. You can choose friends, family members, your bank or a solicitor to act as your executors. Naming someone as an executor doesn’t stop them benefitting in your Will. Please call our Legacy Information Team on 0300 123 1862 for further information.

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I don’t think I have anything to leave. How do I work out my assets? This is a common misconception but if you take time to think about everything that you own you may find it is more than you thought. In legal terms, these are your assets. The sum total of your assets is known as your estate. Before the gifts in your Will are distributed, any outstanding debts will be paid from your estate first so make sure you include them when you work out your assets. This will give you a better picture of what your final estate will look like. You can use our handy Will planner on page 5 to work out the value of your estate.



Plan who you will remember When writing a Will it is important to take your time and think about who you would like to remember: your family, friends, charities and causes.

Where can I store my Will? Your solicitor or Will writer may offer to keep your Will as part of their service. Make sure that you keep a copy yourself in a safe place, together with the information about your property, your accounts and policies that your executors will need.

What about Inheritance Tax? Inheritance Tax is currently charged at 40% if your estate is over a certain value. The threshold for Inheritance Tax can change so you’ll need to keep up-to-date with these changes to prevent your loved ones paying more Inheritance Tax than necessary. In the terms of a Will, there are a number of gifts which can help to minimise the Inheritance Tax liability on your estate. These include gifts between spouses and gifts to charities. Information on Inheritance Tax can be found on the HMRC website: www.hmrc.gov.uk/inheritancetax. From April 2012, the government introduced a change to Inheritance Tax legislation meaning in some situations, anyone leaving 10% or more of their taxable estate to charity will qualify for a reduced rate of Inheritance Tax. For more information visit www.legacy10.com. If you think that your estate is going to be subject to Inheritance Tax please discuss this with your solicitor.

Every day our scientists are making new discoveries – they’ve contributed to most of the world’s top cancer drugs. Gifts in Wills generously left to us are essential to this progress; they fund over a third of our work, leading the world in discovering new ways to fight cancer. We know that family and friends will always come first but by remembering us in your Will too, you can help us save millions of lives through pioneering life-saving research.

“I see the charity as a very good ‘home’ for my money. I was the lucky recipient of a so called ‘wonder drug’ and I do want Cancer Research UK to keep producing successful treatments in the future for others.” Diana, Cheshire Cancer Research UK Legacy Pledger

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How would you use the gift?

Recommended wording if you wish to leave a gift in your Will to Cancer Research UK

A gift in your Will can help us fight over 200 cancers – including the one that matters most to you. We promise to spend your gift wisely and ensure at least 80% of the donation is spent on preventing, controlling and curing all cancers. We pioneer life-saving research to bring forward the day when all cancers are cured. We don’t receive government funding for our research, so every step towards beating cancer relies on every pound donated. Gifts in Wills generously left to us are essential to this progress; they fund over a third of our work leading the world in discovering new ways to fight cancer. For you, because of you, thanks to you - we are able to fund over half of the UK’s cancer research, including the life-saving work of over 4,000 scientists, doctors and nurses fighting cancer on all fronts. Your support will mean we can keep forging ahead to create more tomorrows for people with cancer and their families.

What kind of gifts can I give?

When writing your Will of course your loved ones will come first. Leaving a share of your estate to Cancer Research UK is an easy way to remember the causes that are important to you after friends and family have been looked after. Although it is another way to look after the people you love - you will also be helping to fund pioneering research that will bring forward the day when all cancers are cured. Research saves lives and is the solution to beating cancer. We want to create a future where no one dies from this disease or fears it. If you do decide to leave a gift, it’s essential to include our full name to make sure that your gift reaches us. Please find below some suggested wording for the different types of legacy gifts you might want to consider: 1. Residuary bequest (a share of your estate) I give (%) of the residue of my real and personal estate to Cancer Research UK (Registered Charity Nos. 1089464, SC041666 and 1103) of Angel Building, 407 St John Street, London EC1V 4AD and the receipt of the Honorary Treasurer or the proper officer for the time being of Cancer Research UK shall be a complete discharge to my executors. 2. Pecuniary bequest (a set sum) I give the sum of [...] pounds to Cancer Research UK (Registered Charity Nos. 1089464, SC041666 and 1103) of Angel Building, 407 St John Street, London EC1V 4AD and the receipt of the Honorary Treasurer or other proper officer for the time being of Cancer Research UK shall be a complete discharge to my executors. 3. Specific legacy bequest (a named item) I, give to Cancer Research UK (Registered Charity Nos. 1089464, SC041666 and 1103) of Angel Building, 407 St John Street, London EC1V 4AD absolutely, my (name and description of item).

There are several kinds of gifts you can make in your Will: • A ‘residuary gift’ which is a percentage of your estate after all debts and taxes have been paid and includes property, investments and cash. This is less likely to be affected by inflation so is the most valuable way to give to us through your Will. • Cash, known as a ‘pecuniary gift’ • A ‘contingent gift’– a legacy made on the basis of another event happening first. For example, your Will could state that a gift only applies if all other beneficiaries named in your Will die before you do. • ‘Life interest’– this is a gift which someone can benefit from in their lifetime. For instance, your house could be left for the use of a relative. When they die it could pass to someone else, or to a charity.

4. Reversionary legacies/Life interest trusts My trustees shall hold [...] on trust for [...] during his lifetime and, following his death, hold the capital and income for Cancer Research UK (Registered Charity Nos. 1089464, SC041666 and 1103) of Angel Building, 407 St John Street, London EC1V 4AD and the receipt of the Honorary Treasurer or other proper officer for the time being of Cancer Research UK shall be a complete discharge to my trustees.

Thank you for considering a gift in your Will to Cancer Research UK to help more people beat cancer in the future.

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Though it may sound incredible, our vital research is entirely funded by our supporters.

will planner

A checklist to help you to prepare all the information needed to make your Will.

Assets

Name: Address:

Home and any other property: Car:

Your partner’s name and address:

£ £

Furniture:

£

Household effects (e.g antiques):

£

Items of particular value (e.g. jewellery):

£

Children’s full name and addresses:

Financial

Executors’ full names and addresses:

Savings in banks and building societies:

£

Shares/Investments/ Premium Bonds etc:

£

Insurance policies: Pensions: Other: Legal guardian(s) full names and addresses:

£ £ £

Less mortgage/loans/ credit cards etc:

£

Total assets

£

Funeral instructions:

Care of my dependent relative(s):

Look after your pets:

Other:

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Law – English Dictionary Cancer Research UK 1. We’re the world’s leading cancer charity dedicated to saving lives through research 2. We are the only ones fighting over 200 cancers, including the 1 that matters to you 3. Cancer Research UK pioneers life-saving research to bring forward the day when all cancers are cured 4. Our ground-breaking work into preventing, controlling and curing cancer has seen survival rates double in the last 40 years 5. Our scientists and doctors have contributed to most of the world’s top cancer drugs and we have pioneered the use of radiotherapy to treat cancer Conditional cash gift 1. Type of gift in Will 2. For example money to a young person when they reach a certain age

b. Banks/ Trust Corporations c. Will writers 3. Lay executors a. Friends b. Family Free Will Service 1. Cancer Research UK has teamed up with solicitors across the UK to offer a free and convenient way to write or update a Will 2. You must be over 55 to use the Free Will Service 3. Service is available online and offline Inheritance tax 1. Currently paid to the government at a rate of 40% if your estate is worth more than £325,000 (as of 2013) 2. Most gifts left to us are exempt from this tax because we’re a charity 3. Recent changes to the law could mean that giving to charity benefits an estate as a whole

Die intestate 1. Dying without having a Will 2. The deceased’s wishes may be ignored 3. Government will take charge of the estate

Pecuniary gift 1. Type of gift in Will 2. This is a gift of a specific amount of money. It may be worth remembering that the value may change significantly over time

Executor 1. The person appointed to administer the estate of a person who has died leaving a Will which nominates that person 2. Professional Executors a. Solicitors

Probate process 1. Is an official process to prove if a Will is authentic and valid 2. Gives the executor the legal right to distribute the Will according to the deceased’s wishes

Residuary gift 1. Type of gift in Will 2. Is a percentage of your estate after all debts and taxes have been paid and includes property, investment and cash 3. Less likely to be affected by inflation so is the most valuable way to provide for your family, friends and causes you care about Specific gift 1. Type of gift in Will 2. A specific gift is a particular item or sum of money that you wish to leave to someone in your Will and can be everything from jewellery to a car Trust fund 1. Type of gift in Will 2. A gift to people or causes released at a specific date Will 1. A legal document that contains a person’s final wishes 2. Outlines what to do with the possessions of a deceased person, whether they are being left to family and friends or donated to a charity 3. Also known as testament

We’re here to help If you have any questions about writing or updating a Will or leaving a gift in your Will to Cancer Research UK and would like to contact us, please either call us on our freephone line 0300 123 1862 between 8am and 6pm weekdays or write to Sianne: Sianne Kerrane Legacy Fundraising Manager Cancer Research UK PO BOX 1561 OXFORD OX 4 9GZ cruk.org/legacies

Please consider a gift in your Will and create more tomorrows for people with cancer