Leaving a gift to charity in your will is both generous and selfless. Charitable giving in wills benefits charities enormously, some of whom may have supported you or shaped your life in some way.
How to Arrange Charitable Giving
The easiest way to leave money to charity in your will is to opt for a pecuniary legacy; leaving a fixed sum of money to a named charity. To obtain support with this, it’s advisable to contact experts, such as London law firm, https://www.forsters.co.uk, who can assist with the drafting and preparation of your will and advise on the different options for charitable giving.
Why Leave Money to a Charity in your Will?
By leaving money to the charity of their choice in their will, donors can support a cause which has meant a lot to them. It also allows donors to create a legacy, by giving not only money, but displaying principles of charitable giving and supporting a cause close to their heart.
It may also be an opportunity to honour your life’s work or that of a loved one.
Tax Planning
People may also choose to donate to a charity in their will because it can be a tax efficient way of leaving money to a good cause. Charitable gifts are exempt from inheritance tax which is ordinarily charged at 40% according to the Gov.uk website.
Additionally, if a person leaves at least 10% of their estate to charity, the inheritance tax rate on the remainder of the estate drops from 40% to 36%.
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