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Legal News | 22.07.21

Leaving gifts to charity in your Will – Part II

Last week we explained that your estate may qualify for a lower (36%) rate of inheritance tax if you leave at least 10% of your estate to charity in your Will https://www.wansbroughs.com/news-events/leaving-gifts-to-charity-in-your-will/.

This week we look at the different ways you can leave something to charity in your Will.

Residuary Gift
You might decide to leave the whole or a percentage of your residuary estate to one or more charities. Your residuary estate is what is left after liabilities, debts, funeral expenses, taxes and cash gifts have been paid.

Cash Gift
Instead you might want to leave a specific sum to a charity or charities. This might be a set figure that you already have in mind or you may wish to include a formula so that the sum equates to 10% of your net estate (thus qualifying your estate for the lower, 36%, rate of inheritance tax).

Specific Gift
This is a gift of a named item, such as property, jewellery or a work of art.

There are approximately 168,000 registered charities in England and Wales so there is plenty of choice out there.

As no one can predict the future we can also ensure that your Will contains provisions to cover the unlikely event your chosen charity ceases to exist, has changed its name or merged in the future.

If you wish to leave a gift to a charity in your Will then please email wealth@wansbroughs.com or get in touch with your usual contact at Wansbroughs.

 

Posted By Our Wills, Tax, Trusts & Probate Team