Leaving a Gift to a Charity as Part of Your Will
Making a will, of course, is important and can ensure that your assets are distributed as you want in the event of your death. More and more people nowadays, however, are also considering leaving money to a charity of their choice as part of their will.
It’s a simple way to continue to support your favourite cause after you pass away and is even simpler to arrange.
There is another additional advantage to leaving some of your estate to charity in that it can reduce the amount of inheritance tax that has to be paid. If your assets are worth over £325,000, above that amount is liable for IHT to the tune of 40%. Some people prefer this money to go to a good cause that they have been involved with over the years or have a particular attachment to. Leaving just 10% of your estate to charity will reduce your inheritance tax bill from 40% to 36%.
You can stipulate in your will that a certain part of your estate should go to charity and you can do this through three different types of legacy:
- Pecuniary: This is the simplest way to do things and the one most people opt for. You simply state that you want a certain amount to be given to the charity or charities of your choice. Once you pass away, your named executor will be responsible for ensuring that this money reaches the charity.
- Specific: You might not want to leave a cash amount but something you own such as shares or a property. Maybe you have a house that you would like to give to a charity, for instance.
- Residuary: You may have detailed where all your assets are going and then want anything that is left over to go to charity once everything has been paid including bills.
Your will need to state clearly how you wish to make a gift to your chosen cause and include their details such as the charity’s official number.
Why Contact Forster Dean
There’s no doubt that creating a will is one of the most important things you can do to help safeguard your assets and ensure everything goes to the people and organisations you want. At Forster Dean, we’re experts at dealing with a wide range of will and probate issues and we’ll be able to walk you through all the possibilities with regards to making a will.
Making sure you’re affairs are in order in the event of your death should not only give you peace of mind but also means that you can make special provisions such as giving a gift to the charity of your choice. Working with an expert team ensures that you have all the bases covered and that your will is held in safe storage for the future. Solicitors are regulated and need to adhere to certain professional standards so it’s a much better option than using an online will writing service.
If you would like to make a will or change an existing one to include provision for a charity, contact our friendly team today to find out more.
