Remember PGMI in your will
It has rightly been said, "You cannot take your money with you; but, you can send it on before you go."
Each year PGMI relies on the income from wills and legacies to cover up to 40 per cent of our crusades, broadcasts and events. As you have sought to honour the Lord during your life, when you no longer no longer need the blessings He has entrusted to you, you can accomplish more than ever for the Kingdom.
What better way to meet the Lord than knowing thousands of souls will be saved because you sought first the Kingdom.
What is a Will?
A Will is a written legal record, of how you wish your property and finances to be handled after your death. The absence of such a document, means you died ‘intestate’ (without leaving a Will) could mean your wishes after death are not carried out. The beneficiaries may not be the people that you would have chosen.
Making a Will acknowledges that we are stewards of God’s resources and fulfils the calling on Christians to be responsible stewards. All we have been given comes from God (1 Chronicles 29:14), and it is right that a part of it should be given back to Him.
When should I make a Will
Now is the time to do it! A Will brings peace of mind and reassures you that your wishes will be carried out and that your family will be spared anxiety and financial worry at what for them is a traumatic time.
If you have no family, it is even more important to make a Will now, or else the government will be the sole beneficiary of your estate. Making a Will ensures the causes you value benefit.
Who should make a Will?
Everyone who is 18 or over can make a Will provided they are of sound mind.
How should I allocate the contents of my Will?
There are several ways of leaving money or gifts in your Will to PGMI. Three options are outlined below:
· Pecuniary legacy – This type of gift is a fixed amount of money. However, some people avoid making this form of bequest because inflation gradually reduces the value of the gift and means that the Will may need regular updating.
· Specific legacy – This is a gift of a particular item or property owned by you. You should make sure that it is clearly identified in your Will.
· Residuary legacy – This is a gift given from the residue (or remainder) of your property. The residue is all your property after all other legacies have been paid, together with any debts, liabilities and taxes.
How do I go about making a Will?
Legal expertise is essential to ensure that your will is watertight, free from ambiguities and is regarded as an authoritative and definitive document. It is not an expensive exercise and a solicitor should give you a quote on the cost before work begins.
Before briefing a solicitor there are several decisions you can make to save yourself both time and money:
· You will need to appoint one or more executors who can administer your estate after your death. Their full names and address should be supplied to your solicitor for inclusion in the Will. You can appoint a solicitor to act as an executor and to be paid for doing so out of the proceeds of the estate.
· It is important to work out the likely value of your estate by making a list of the things you own (house, car, valuables, jewellery, savings & life insurance policies etc.) with an estimate of their value. This should then be offset against your liabilities (mortgage, loans and credit cards). A form to help you to do this is included at the end.
· The full names and addresses of individuals,charities and organisations you wish to include in your Will need to be provided.
· A solicitor will initially prepare a draft of the Will and ask you to check that it reflects your wishes. When your content has been agreed, a final version will be produced.
· To ensure it is valid and recognised, your Will must be properly signed and dated. This should be done in front of two witnesses who must not be beneficiaries, executors or their spouses. The witnesses must then sign it in front of you and each other. No one should leave until this procedure has been completed.
· Your solicitor should retain the original Will and you should hold a copy for reference purposes. Your executor(s) should know where the original is located.
If you do not have a solicitor, there are plenty of law firms listed in the Yellow Pages or local telephone book.
Should you wish to use a Christian solicitor, contact the Association of Christian Law Firms. Their address is:
Association of Christian Law Firms
c/o Simon Hale,
Ellis-Fermor (Solicitors)
2 Devonshire Avenue
Beeston
Nottingham NG9 1BS
What is Inheritance Tax and when is it payable?
Inheritance Tax is a tax that may be levied on your estate when you die. At the time of writing (check latest figures), an estate that has a net value over £250,000 is liable to tax at 40% on the amount above the threshold (subject to certain exemptions identified below). Estates with a total net value less than the threshold pay no Inheritance Tax. The starting point at which this tax is levied and the percentage of tax payable, is usually reviewed each year in the Chancellor’s Budget.
How can I avoid Inheritance Tax?
There are several ways to optimise your Inheritance Tax position. These include:
· Gifts to charity are tax-free and are deducted from your estate before the tax bill is calculated. If this brings your estate below the tax threshold, the money you would have paid in tax will go instead to the charity. For this reason some choose to donate to their favourite charity anything above the current threshold.
·Gifts to individuals made seven or more years before death are also tax-free.
·Gifts, (other than to charity) made within seven years of death must be added to the total value of your estate and may thus become subject to Inheritance Tax.
Note: It’s important to remember that a Will is automatically cancelled by marriage, which includes remarriage after divorce.
How to update or change a Will?
You can make minor changes and updates by way of a codicil, which is witnessed and signed in the same way as a Will, and supplements the terms of an existing Will either by adding, amending or revoking part of it. A codicil must be executed in exactly the same way as a Will. This means that as well as including the amendments to your Will, a codicil must confirm all the other contents, and it must also be signed in exactly the same way as a Will; otherwise, it is invalid. It is, therefore, once again, wise to involve a solicitor when adding a codicil to your Will.
What now?
You have made an important step by reading this, now take the most important step, by praying through the appropriate contents of your Will. Make an appointment today to visit a solicitor to ensure your wishes are carried out.
May you know God’s blessing as you undertake this important and responsible decision.
Valuing your estate
PRINT & COMPLETE:
What I have £
Home(s)_______________________________
Car(s)_________________________________
Savings________________________________
Shares_________________________________
Pensions_______________________________
Insurance policies_______________________
Jewellery______________________________
Furniture_______________________________
Household effects_______________________
Personal belongings______________________
Money owed to me_______________________
Business items__________________________
Other items:____________________________
(1)____________________________________
(2)____________________________________
(3)____________________________________
(4)____________________________________
(5)____________________________________
|
|
What I owe £
Mortgage______________________________
Loans_________________________________
Hire purchase___________________________
Credit cards____________________________
Tax due________________________________
Other debts:____________________________
(1)____________________________________
(2)____________________________________
(3)____________________________________
(4)____________________________________
(5)____________________________________
Total £________________
Total I have £
Less total I owe £________________
= Approx value of estate £________________
MY DECISION BEFORE GOD
I wish to leave __________ to _____________
I wish to leave __________________ to PGMI
PO BOX 4 RAMSEY CAMBS PE26 1BU ENGLAND
Dated this day: __________________
Signed: _________________________