While many founders and business owners will implement succession plans to sell or pass their business to a new generation of owners, sometimes it is clear that you have reached the end of the road and the best decision is to call it a day and close the...
Giving money to charity in your Will is not only a fantastic thing to do, but it can reduce the amount of tax paid by the rest of your estate – meaning your family can make the most of their inheritance.
How Do You Leave Money to Charity in Your Will?
When you are making or updating a Will, we can advise you on how you can leave a gift in your Will to charity.
There are two main ways to leave money to a charity in your Will. You can either:
Name a specific charity in your Will.
Let the trustees of your Will decide which charity to pick.
Our Will solicitors can help ensure this is included in your Will no matter which method you decide. Contact us today for legal advice and help.
Many people at different times in their lives experience the remarkable work done by charities. It may be working as a volunteer for a charity, raising money for a charitable cause or by making use of the services they offer when someone close suffers an illness. Legacies are the foundation for many charities and are vital in making sure that all the good work they do can continue.
Why should I consider leaving a gift in my Will to a charity?
Leaving a donation in your Will is one of the more traditional ways you can give to a charity and for many charities is a very important form of receiving gifts. Without the gifts left in Wills by people like you, many charities wouldn't even exist. By putting your wishes in place at the time of making or updating your Will, you can make a planned gift to a charity you care about whilst at the same time ensuring dependants, family and friends are provided for.
When you make your Will, you can either name an individual charity or leave an amount of money to the Executors. As part of the Will instructions you state how and to whom the sum of money is to be distributed to the charity or charities of your choice.
Another key point to note is that charitable legacies are paid before tax is deducted, reducing the total amount of inheritance tax due from your estate.
If you would like to discuss how you can leave a legacy to a charity in your Will, please do not hesitate to contact one of our Wills and Trusts solicitors.