A Will – is legal document by which a person states what they want to happen with their estate following their death. Your estate is all the assets you own, minus the value of any debts that you owe. Assets are property, money and belongings you own, and which have value - either financially or sentimentally.

The Beneficiary - is a person or organisation (for example, a charity) who is named in your Will as someone who will receive the gift. Legacy is any type of gift in your Will. A 'bequest' is also a gift but it does not include property.

Executor – you will normally be required to appoint executor(s) to your Will and your solicitor (or professional will writer) will advise you accordingly. This is person or organisation named in your Will to be responsible for your estate (collecting your assets, paying any debts, tax and any other amounts due, and distributing the remainder of your estate in accordance with the terms of and instructions in your Will) following your death.

Types of Gifts – you can leave anything you wish and this mostly depends on what assets you have:

• You can leave a share (or percentage) of your estate after any taxes and costs. As this gift is a percentage, you don’t worry if your financial situation changes. You can leave any percentage amount you like, however small.

• You can leave a fixed amount or lump sum from your estate; or you can request that your estate sets up monthly or annual donations of a fixed amount.

• You can leave specific items of value such as stocks, bonds and shares or jewellery or even property. Anything that's of financial value to you. Usually One Kind Act will sell items like this in order to raise much needed funds.

• You can dedicate any amount your gift to a cause(s) of your choice or request One Kind Act to use it to promote its mission of your behalf.

Legal Advice – it is vital to obtain professional help and advice. There are formalities to follow and circumstances around a Will may not be straightforward such as when you are separated or divorced, have children, need a legal guardian have overseas assets or own a business.

Updating a Will – you may wish to review your Will from time to time after major life changes such as death of partner, marriage, divorce, birth of child or grandchild, moving house, change in executor, result of financial planning advice or material change in value of your estate.

Deed of Variation – A Will can also be amended after someone has died by completing a Deed of Variation. The executor has two years from the date when someone dies to complete a Deed of Variation. This might be considered, for example, if it was decided to make gifts 10% or more of the taxable estate to charity, such that the amount of Inheritance Tax (IHT) payable can reduce from 40% to 36%. This can benefit all beneficiaries of the estate, including the charity.