Questions and Answers

with Patrick C.P. Bourdillon, riparian owner and Managing Partner at Margraves Solicitors

Patrick Bourdillon lives in the Cynffiad Valley. He owns a number of tributaries into the Wye and knows first-hand the importance of the Wye and Usk Foundation’s work.

He is also the Managing Partner with Margraves Solicitors in Llandrindod Wells, a well-established law firm with practice areas primarily in Private Client, Conveyancing, Employment and Agricultural Law.

We asked him how you can help your family, the Foundation and the local environment and he raised the important subject of Wills…

How important is it to have an up-to-date Will in place?

Writing a Will, or even contemplating writing one is a daunting subject for many people. Having to contemplate what will happen to your assets and in the case of families with children below the age of 18, what will happen to the children when you pass away, is not necessarily something that anyone wants to think about.

However, writing a Will is simply planning for the future and ensuring that on your death, when your family and friends are grieving, those left behind do not have to worry themselves with deciding what happens to your assets. You will have made that clear already.

It can also be comforting to know where your assets and treasured possessions will end up, long after your demise. Having a properly drafted Will in place also reduces the chances of disputes during what will be a particularly emotive period for the family.

What types of gifts can people include in their Will?

When planning a Will it is usually best to consider your family first. You do not have to discuss the terms of your Will with your family (or anyone else for that matter), however, as it is a confidential document.

Nonetheless, it may be pragmatic to let the people you choose to be your executors know that you would like them to be your executors i.e. responsible people you have chosen in advance to administer your Will, which will of course often be a family member.

Once you have decided what you would like to leave your loved ones and/or close friends you may want to consider who else should benefit, such as a charity like The Wye and Usk Foundation (WUF).

Small local charities like the Foundation are worth considering because any money they receive will go directly into making significant environmental improvements to our local rivers long into the future.

Gifts don’t have to be high value to make a difference to the Foundation as any amount is helpful – donations come in all shapes and sizes and your charitable legacy will help bring about a positive change.

For example:

You can leave a share of your estate, anything from 1%-100%. A gift of just 1% of your estate could help build a backbone of income enabling the Foundation to unlock additional funds from partners

You can leave a specific sum of money.

How can people go about including a gift in their Will to the Foundation?

I would say this of course but I recommend using a qualified Solicitor to ensure that your Will is legitimate and that your wishes will be carried out.

While it is possible to pick up ‘template Wills’ and do a DIY Will, this is not recommended as the law surrounding Wills is very complex and it is easy to be caught out and for the Will to end up failing or partially failing with costly consequences. For example, something as seemingly insignificant as putting the word ‘or’ instead of ‘and’ can cause a gift in a Will to fail or lapse leaving a disappointed potential beneficiary/legatee. Also whilst you can for instance leave money for animals/pets, without including certain clauses the gift will fail. Notably, children under the age of 18 are not able to inherit unless provisions are incorporated into the Will so that they may inherit before they come of age. If you would like to leave money to a charity, there are specific clauses that are used to ensure your gift goes where you would like it to go and is used how you intended - according to your wishes. It is your Will, it is about what you want.

Margraves Solicitors are affordable and accessible. The cost of preparing and overseeing the signing of a basic Will can be as low as £100 plus VAT and possibly less for spouses leaving everything to each other on the first death and then to the issue of the same marriage on the second death.

If your Will is more complex, especially if involving Trusts, the cost will inevitably be greater. An estimate of costs would be given once the details of a Will have been discussed.

If you decide to have your Will made at Margraves, please present this article and you will be eligible for a further 10% discount off the cost of your Will or ten minutes initial advice free to discuss succession/estate planning.

What are the benefits of charitable giving in your Will?

Leaving a gift to a charity in your Will enables you to support a cause that you care deeply about. Most people do not have a lot, but every gift helps.

However, if you are fortunate enough to have more wealth than the basic Inheritance tax (IHT) “nil rate” threshold (which currently stands at £325,000 per person and which is transferable between spouses on the first death), leaving money to a charity like the Wye and Usk Foundation may help reduce the amount of IHT your executors would have to pay on your estate.

It is highly unlikely that such charitable relief will be done away with by Parliament, unlike other reliefs and exemptions which are currently under the political spotlight.