Remember a charity - Including a charity in your Will
As Remember a Charity week continues, now might be the time you’re thinking of drafting or updating your will to include a gift to your favourite charity.
While 35 per cent of people say they would leave a legacy to charity in their will, only seven per cent actually do (nfp Synergy – Facts and Figures: Legacies for Charities).
Supporting a charity is a very personal decision and it’s important to balance charitable giving with making provision for your family and loved ones in your will.
There are a number of options open if you want to remember a charity in your will including leaving a cash gift or donating a percentage of what remains of your estate once all other costs and gifts have been made.
If you leave a legacy in your will, then it won't count towards the total taxable value of your estate. If you leave at least 10 per cent of your 'net estate' to a charity, it reduces the inheritance tax rate on the remainder of your estate from 40 per cent to 36 per cent.
You don’t even need to wait to make that donation – any donation you make while you’re alive won’t count as part of your estate for inheritance tax purposes when you die.
If you would like to discuss leaving a gift to charity in your will, or would simply like to understand more, contact our Wills, Probate & Lifetime planning team.
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