Here’s a few simple steps to get you started:
Choose your executors
You’ll need to decide who to ask to be ‘executors’ of your Will to make sure that your wishes are carried out. Being an executor can involve a significant amount of responsibility, so it’s worth discussing in advance with those that you have chosen and it’s sensible to ask a minimum of two people in case circumstances change.
Executors are often family members or close friends. Alternatively, you can name a solicitor, your bank, or an accountant or a professional executor. Bear in mind they will charge a fee for their role, which is deducted from your estate.
List your assets and liabilities
When you write your Will for the first time, you will need to work out roughly what your estate is worth by listing all your assets and liabilities (debts). This will make it easier when it comes to deciding who should get what.
Your main asset is usually your home if you own it, as well as other financial assets like bank and savings accounts, stocks, bonds and insurance policies. You should also include other property such as a car, jewellery and other valuables.
You will also need to list your liabilities or debts, such as outstanding mortgages and loans.
Once you’ve decided who to include in your Will, you’ll need to think about the type of gift:
- After you have provided for your loved ones you can leave a share, or remainder of your estate to us. This is known as a residuary gift
- When you leave an exact sum of money this is known as a pecuniary gift
- An item of value such as jewellery, paintings or furniture is called a specific gift
- Or you can leave a gift for someone to use over a period of time, and when that time is over it can be passed on to other recipients such as a charity. This kind of gift is known as a gift in trust
We receive all kinds of gifts in people’s Wills, and we’re grateful for all types of support. Speak to your solicitor if you’re interested in leaving an alternative type of gift. If you’d like your gift to be spent in a particular way, perhaps towards research into a specific cancer type, or for a certain area of our work, please do get in touch.
Find a solicitor
We’d always recommend using a solicitor to write or update your Will to ensure all legal formalities are completed correctly.
Updating your Will
Preparing your information
If your circumstances or personal details change it is a good time to update your Will. So be prepared before you go back to the solicitor by gathering together all the new or updated information you will need.
It’s never too late to include to The Royal Marsden Cancer Charity, and make a difference in the treatment and care of cancer for years to come. Remember to consider whether your gift is residuary, pecuniary, specific or in trust - see Plan your gift, above.
Speak to your solicitor if you are interested in leaving an alternative type of gift. If you would like your gift to be spent on a particular area of our work, please do get in touch and we’ll be very happy to help.
Contact your solicitor
Even if you already have a Will and just want to update it, we’d always recommend using a solicitor to undertake the update.