It is possible to write your own Will, but even simple Wills have to comply with legal formalities to be valid.
If you do decide to leave a gift to Cornwall Neighbourhoods for Change, it can be any sum, a specific item or a percentage of your estate. A gift could also help to reduce the inheritance tax liability of your estate. You will need to let your solicitor know our registered charity number (1089721) and address (The Elms, 61 Green Lane, Redruth TR15 1LS).
Whether you are making your first Will, amending your existing Will with a codicil or rewriting it, you should seek professional advice from a solicitor or professional Will writer on the options available.
A bequest left to charity may also help to reduce the inheritance tax liability on your estate. For example, if your estate is £20,000 over the amount allowed as tax-free, and you leave Cornwall Neighbourhoods for Change £2,000, then inheritance tax will only be payable on £18,000.
If your estate is worth more than £325,000*, it will be liable to inheritance tax at 40%.
If you leave more than 10% of your entire estate to charity, then the total amount of inheritance tax you pay reduces from 40% to 36%.
A tax consultant or financial advisor can provide further information or advice about inheritance tax planning.
*Threshold correct at the time of writing.