Leaving a Legacy to a Charity

Donations to charityWe have all heard recently heard how Charities have been struggling financially during this current pandemic. Which is why it is important now more than ever to consider perhaps leaving them a legacy in your Will.

Maybe you have a close personal association or reason for wanting to provide for a particular Charity.

Whatever the reason it is worth considering the following:

Currently If you leave a gift or asset in your Will to a charity that is worth 10% or more of your total assets, then you can reduce any Inheritance Tax payable on your estate when you die from 40% to 36%.

Also, another important point to note is that you can leave as much as you like as a gift in your Will to a Charity and it won`t affect your nil rate band, (that is how much you can leave without having to pay IHT which currently stands at £325,000).

Finally, it is worth ensuring that any Charity you choose is registered and beware that if you intend leaving all of your estate and assets to a Charity and wish to leave out a family member then they may have a potential claim against your estate for reasonable financial provision.

Contact our office and our legal experts will provide you with any further information you may require.

DISCLAIMER

The information provided is of a general nature. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from an appropriate professional before you take any action or refrain from action. Whilst we endeavour to use reasonable efforts to furnish accurate, complete, reliable, error free and up-to-date information, we do not warrant that it is such. We and our associates disclaim all warranties. The information can only provide an overview of the regulations in force at the date of publication, and no action should be taken without consulting the detailed legislation or seeking professional advice.

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