Frequently Asked Questions
Can I write my own Will?
Yes, but we wouldn’t recommend it. A professional can make sure that you don’t overlook anything. Any error in a Will can cause problems or even make the Will invalid.
Are Wills expensive?
Straightforward Wills can cost as little as £80 and mirror Wills (for couples) can be written for around £140. That’s money well spent in light of the complications and expense that your family could face otherwise.
How does this affect Inheritance Tax?
A gift to Toybox is exempt from Inheritance Tax and so can help reduce the tax burden on your family. Your solicitor will be able to help you make your Will as tax efficient as possible, which includes the new laws that reduce Inheritance Tax for people who give at least 10% of their net estate to charity.
Can I decide where my legacy will be spent?
Yes, but one of the wonderful things about legacies is that they are usually unrestricted – allowing us to spend the money wherever the need is greatest at that particular time. We will always try to follow your wishes, but do note that this may not be possible if we are no longer working with specific projects or a particular city.
What about Scotland?
The Will-making process is different in Scotland, but your solicitor will be able to advise you. For Scottish Wills the Toybox registered charity number is still 1084243.
What if I have more questions?
Get in touch, we would love to hear from you! Sarah Steel, our Lifetime Gifts Coordinator, is a qualified solicitor, offering free advice. Just call Claire Kennedy on 01908 360170 and we can put her in touch with you. Alternatively, please email info@toybox.org
Jargon Buster
The legal terms used around the Will-making process can be a bit obscure, so here’s a quick guide to some of the words you might come across.
- Assets – Everything of value that you own.
- Beneficiary – A person or organisation who will receive a gift in your Will.
- Bequest / Legacy – A gift made in your Will.
- Codicil – An alteration or addition to an existing Will.
- Estate – Everything you own at the time of death minus your liabilities.
- Executor – Person/people appointed in your Will to carry out your wishes.
- Grant of Probate – Confirmation by the court that a Will is valid and can be enacted by your executors.
- Intestate – this is what you are if you don’t have a valid Will, subjecting your estate to the laws of intestacy when you die.
- Liabilities – Anything you owe at the time of death.
- Pecuniary legacy – Gift of a fixed sum of money in your Will.
- Probate – The legal procedure to decide whether you left a valid Will.
- Residuary legacy – Gift of all or part of the residue of your estate.
- Residue – The remainder of your estate after the payment of all debts, costs, pecuniary and specific bequests.
- Specific legacy – Gift of a particular item in your Will.
- Witness – An independent person (not a beneficiary or executor) who is present when you sign your Will and also signs it in front of you.