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The importance of writing a Will

If you have ever thought about making a Will but never quite got round to it, you are not alone – 60% of UK adults haven’t made a Will*.

Fundraising news, Myeloma UK news // 21st November 2018

Although it can seem daunting to think about the end of life, making plans for the future can actually help you get on with living now. Creating or updating a Will can bring reassurance by allowing you choice and control over what happens to your assets. It can also be a relief for those close to you to be made aware of any choices you make so they can try to respect your wishes. Without a Will, the risk is run of having your assets distributed by the State, which may not reflect your wishes.

Over a fifth of us without a Will believe we don’t have enough assets to make it worthwhile making a Will*. However, the average value per household across the UK is £259,400** – a surprisingly significant sum for people who may believe they don’t have anything to pass on.

Whether you think you have anything of value to leave behind or not, making a Will means you can be assured that those you’d like to benefit will do so without incurring unnecessary legal costs or delay.

As well as taking care of their loved ones, many people also choose to leave a gift in their Will to a charity that means a lot to them. Not only is this gratifying to know that you can still make a difference after you are gone, but practically, it can also mean your loved ones avoid paying inheritance tax. You can leave a set amount or a percentage of your estate to charity. For example, a 1% gift from a typical estate would add up to nearly £2,500 – so even a small percentage makes a big difference to a charity.

Making a Will to make myeloma history

Mr Edward Cooper

Myeloma UK recently received an amazing legacy of £39,000 from Mr Edward Cooper who left a percentage of the value of his estate to Myeloma UK in his Will. Mr Cooper requested that his gift should be used to support myeloma research, which was welcome news for those working in our research team.

Edward’s children said about their father, “He admired the work and commitment from your organisation. He was interested in the treatments that were available. He worked for a pharmaceutical company as a driver for many years and was a walking encyclopaedia when it came to medication.”

The family explained that their father had been living with myeloma and AL amyloidosis for 8 years – but he never gave up hope.

They added poignantly: “As his family, we obviously still miss our father, but were so grateful for the extra years that we were able to have with him. We hope this donation will fund research to help future generations to find a cure, as this was our father’s wish.”

To discuss leaving a gift in your Will to support the work of Myeloma UK please call the Fundraising Team on 0131 557 3332 or email fundraising@myeloma.org.uk

 

 

This article first appeared in Myeloma Matters. To view the Autumn 2018 version of the magazine, please click here. To subscribe to the printed copy of the magazine, please click here

* Research conducted by financial advice directory Unbiased

** Value calculated based on households in July 2016 according to a BBC News report on 1 February 2018