Leaving a Gift to Charity in Your Will: A Lasting Legacy of Kindness
Leaving a gift to charity in your Will is one of the most meaningful ways to create a lasting legacy. It’s a powerful gesture that not only continues your support for causes close to your heart but also offers significant financial benefits for your estate.
Why Consider Leaving a Gift to Charity?
Including a charitable gift in your Will is a thoughtful way to make a lasting impact. While only around 7% of people currently leave gifts to charity in their Wills, these contributions raise over £3 billion for UK charities each year—making Wills a vital source of funding for many charitable organisations.
The Benefits of Leaving a Gift to Charity in Your Will
1. Reduction in Inheritance Tax
Gifts to UK-registered charities are completely free from inheritance tax. This means that anything you leave to charity won’t be counted as part of your taxable estate.
In addition, if you leave at least 10% of your net estate to charity, the inheritance tax rate on the rest of your estate can be reduced from 40% to 36%. This can significantly reduce the tax burden on your beneficiaries while allowing you to support causes you care about.
2. Supporting the Future of Charities
Charities rely heavily on donations, and legacy gifts play a crucial role in helping them plan long-term projects, expand services, and reach more people in need. Your gift could help ensure a charity’s future work and provide vital resources for generations to come.
3. A Final Act of Kindness
Leaving a gift to charity is a deeply personal and generous act. It reflects your values and offers a way to be remembered for supporting something meaningful. Whether it’s medical research, education, animal welfare, or social justice, your legacy can live on in the work you helped make possible.
How to Leave a Gift in Your Will
There are two main ways to leave a charitable gift in your Will:
1. Name Specific Charities: You can choose one or more charities to receive a set amount, a percentage of your estate, or a specific asset. It’s important to include the registered charity numbers, as names can change over time.
2.Leave It to the Discretion of Your Trustees: If you prefer not to name specific charities, you can leave instructions for your trustees to choose organisations based on your wishes. In this case, providing a clear written record of your intentions is essential.
Leaving a gift to charity in your Will is a simple, tax-efficient way to make a big difference. It ensures that your values and generosity live on while providing financial advantages for your estate. Whether you choose to support a specific charity or leave it in the hands of your trustees, your legacy will help shape a better future.
If you are considering including a charitable gift in your Will and would like professional guidance, our experienced team is here to help. We can ensure your wishes are clearly and legally documented, provide advice on inheritance tax planning, and make the process straightforward and stress-free.
Contact us today to discuss how we can assist you in leaving a meaningful legacy.
By Molly Taylor
