Why yous should consider leaving coin to charity in your volition

Why should yous go out a souvenir to charity in your will? Remember A Charity explains how to leave money to charity in your will and how it could make you eligible for a reduction in inheritance tax.

Charity Gift Wills UK

Why should you lot leave a souvenir to clemency in your will?

Planning a will gives you the risk to support your loved ones financially subsequently y'all dice. Simply it isn't simply your family who tin benefit - it's as well possible to get out money behind for a charitable organisation.

Only why should you consider donating to a charity in your volition? Here's some of the all-time reasons and benefits:

ane. Kindness

The almost obvious reason for leaving a gift to charity is that you may feel that yous want to give something back. Once your loved ones' needs have been considered and you lot know you've left enough money to comfortably support those nearest to you, in that location'southward no harm in gifting that little bit extra to a cause who could really exercise with some help. Your parting gift volition be additional back up for a charity that might badly need it.

2. Inheritance tax

Donating to a clemency in your will could make you eligible for a reduction in inheritance tax owed. If you leave 10 per cent or more of your estate (money, holding and possessions) to charity in your will then the overall amount of inheritance revenue enhancement you have to pay will reduce from twoscore per cent to 36 per cent.

Even if you are only altruistic every bit a means of tax relief, attempt to ensure it's to a cause you care about. Take some time and practice a fleck of research if there are none which instantly spring out at y'all. To make certain your manor is eligible for the reduced inheritance tax rate, the best affair to do is to speak to a professional.

You lot tin observe out more nigh tax relief when you lot donate to a charity on GOV.United kingdom of great britain and northern ireland.

3. Personal connection

Currently, 6 per cent of people in the Britain leave money behind to a charity when they die. Well-nigh of the time, this donation is left considering the deceased has a close personal connection with the chosen charity. Whether it'due south a cause which has helped y'all, a loved one or even just something yous care virtually on a wider scale, leaving a donation in your will is a vivid way to say thank y'all for the difficult work they've done.

Exist sure to leave a personal message too, giving your thanks for the efforts of the organisation who are benefitting from your generosity.

How do you get out money to charity in your volition?

If you want to leave money to charity in your will, make sure you include the following details:

  • the charity'due south proper name
  • the clemency's accost
  • the registered charity number

It's very important to brand certain the charity number is right to avert any confusion, every bit lots of charities have similar names. If you're including more than one charity, include details for each one. Y'all can find all these details on the Clemency Commission website.

Can you specify how you lot want a charity to use your money?

If there'due south an area of a clemency's work that'southward particularly close to your heart, you tin can request that your coin is used in a certain way. It'south worth talking to the individual clemency before you practise this, withal, as it might not ever exist something that's possible.

About the author

Remember A Clemency is a cross-charity campaign raising awareness of the importance of gifts in wills to skilful causes across the Britain.

See as well

The duties of an executor: what to do when someone dies

How to write a will

How to brand or meliorate a will during the Coronavirus (COVID-xix) lockdown

Should I write a new will or make a codicil?

How to pay inheritance tax (IHT)

Find out more

Search the register of charities (GOV.UK)

Tax relief when you lot donate to a charity (GOV.Great britain)

Making a Volition - your complete guide (Remember A Charity)

Paradigm: Getty Images

Publication date: 9 December 2020

Whatsoever stance expressed in this article is that of the author and the author alone, and does not necessarily represent that of The Gazette.