After you’ve carefully considered your loved ones, you may wish to leave a gift to a charity in your Will as part of your legacy.
By remembering your favourite charity or charities in this way, you’re ensuring that their work lives on for generations to come.
Your donation can be as small or large as you like. The important thing to remember is that every gift makes a positive difference.
What are the benefits?
Leaving a gift to charity is a wonderful way to support a cause close to your heart. After all, charities rely on the generosity of others to continue their good work.
Another good reason to include a charity in your Will is the implication it can have on Inheritance Tax. Whatever you leave to a charity in your Will is free of Inheritance Tax. This is called leaving a ‘charitable legacy’. You can also reduce your inheritance tax rate if 10% or more of your estate is left to charity.
What can I leave to charity?
Within your Will you can leave three types of gifts. You can choose to leave money (Pecuniary), an item or group of items (Specific) or whatever is left after other gifts have been given out (Residuary). It is completely your choice.
The important thing to remember is that charity legacies do not need to be large or complex unless you have specific plans.
Which charity should I support?
Choosing a charity is a very personal decision. You may have a charity in mind that you have a personal connection with, or one you believe makes a positive impact on the lives of others. If you’re looking for ideas, over the next few weeks we’ll be highlighting a few local charities on social media.
The important thing is that you’re happy with what the charity does and how they spend their funds. You can read more information on their websites, their social media pages or even pick the phone up to them to help you make your decision.
How do I leave a gift in my Will to charity?
Leaving a gift in your Will to your chosen charity is a lot simpler than what you may think – even if you haven’t got around to making a Will yet.
Considerations for drawing up a new Will.
If you’re unsure of how much or even what type of assets you would like to leave to your chosen charity and do not already have a Will, you may wish to have a free initial consultation with our Wills Solicitors. We can discuss your circumstances, options and what type of Will is suitable for you before you make any decisions.
The first thing you may wish to consider though, along with other named beneficiaries and executors, is the charity or charities you would like to leave a gift to within your Will.
All we will need is the official name of the charity and the amount you wish to give, and we will make sure that the gift goes to the right place to be used for the benefit of your chosen charity.
Unlike other firms, we do not charge any extra for including a gift to a charity in your Will.
It’s all part of our fixed fee Will writing service (starting from as little as £300 including VAT for a standard single Will).
If you already have a Will – that is perhaps a few years old – you may wish to replace it with a new Will that includes your latest wishes. Or you may want to make provisions to an existing Will. It’s entirely up to you.
If you have any questions, we encourage you to reach out to us. We’ll happily talk to you about leaving a gift to charity in your Will. Simply call us on 01284 701131 or send us a message