28th May 2020
Many people have a particular charity that is close to their heart. Whether it is a cause they have supported throughout their lives or a charity that has helped them and their family through difficult times.
Quite often people are keen to support charities, but do not have the time or disposable income to make an impact during their lifetime. This is where leaving money or assets to a charity in your will can help.
There are different ways that you can ensure that a charity benefits from your estate. You can leave a cash sum or a specific asset such as a property, shares or investments, or if you would like to, you can leave a share or the whole of your residuary estate to charity.
Whilst leaving sums to charity is a wonderful gesture that can help others and leave a lasting legacy, there are some things to consider before putting pen to paper.
You may have heard that there are some attractive inheritance tax benefits to naming a charity in your will. Any gift that you make to UK charities in your will is inheritance tax-free.
Furthermore, charitable gifts may also reduce the amount of inheritance tax that is payable on the rest of your estate. If you leave 10% or more of your estate to charity then the inheritance tax rate reduces from the standard rate of 40% to 36%. This means that both the charity and your taxable beneficiaries will receive more.
There are other ways that you can arrange your estate to benefit from the inheritance tax reliefs available, so it is always worth speaking to your solicitor or accountant to ensure that you maximize what you leave to your family, or indeed a charity close to your heart.
If you would like to write your will or need to update one that you wrote many years ago, then please get in touch with our specialist solicitors who can help you to put your affairs in order.
We continue to work safely during these times to help our clients prepare for the future. Call our switchboard on 01256 844888, email firstname.lastname@example.org or speak to our online chat assistant via our website.
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The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.
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