Why you should consider leaving money to clemency in your will

Why should you leave a gift to charity in your will? Recollect A Charity explains how to leave coin to charity in your will and how it could make yous eligible for a reduction in inheritance revenue enhancement.

Charity Gift Wills UK

Why should you go out a gift to charity in your will?

Planning a will gives you the chance to back up your loved ones financially afterwards you die. But it isn't just your family who tin can do good - information technology's too possible to leave money behind for a charitable organisation.

But why should you consider donating to a charity in your will? Here'south some of the best reasons and benefits:

i. Kindness

The most obvious reason for leaving a gift to clemency is that you may feel that you want to requite something dorsum. Once your loved ones' needs have been considered and y'all know yous've left plenty coin to comfortably back up those nearest to you, in that location's no harm in gifting that little bit extra to a cause who could really exercise with some help. Your parting gift will be boosted back up for a charity that might badly need it.

2. Inheritance tax

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

Even if you are merely donating as a means of tax relief, endeavor to ensure it's to a crusade y'all care about. Accept some time and practise a bit of inquiry if there are none which instantly leap out at y'all. To make certain your manor is eligible for the reduced inheritance tax rate, the best thing to practise is to speak to a professional.

You tin can find out more than near tax relief when yous donate to a clemency on GOV.UK.

three. Personal connection

Currently, half-dozen per cent of people in the U.k. exit money backside to a charity when they dice. About of the fourth dimension, this donation is left because the deceased has a close personal connexion with the called charity. Whether information technology'south a cause which has helped yous, a loved one or even only something you care virtually on a wider calibration, leaving a donation in your will is a vivid way to say thank you lot for the hard work they've done.

Be sure to go out a personal message too, giving your thank you for the efforts of the arrangement who are benefitting from your generosity.

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

If you want to leave money to charity in your will, brand sure you include the post-obit details:

  • the clemency's name
  • the charity's accost
  • the registered charity number

Information technology's very of import to brand sure the charity number is right to avert any confusion, as lots of charities have similar names. If you're including more than one clemency, include details for each one. You tin can notice all these details on the Charity Commission website.

Can you specify how y'all want a charity to use your money?

If at that place's an area of a charity'southward work that's particularly close to your heart, you can asking that your money is used in a sure way. Information technology'southward worth talking to the individual charity before y'all do this, even so, equally it might not e'er be something that's possible.

Nigh the author

Remember A Charity is a cross-charity campaign raising awareness of the importance of gifts in wills to good causes across the Great britain.

See also

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

How to write a will

How to make or amend a volition during the Coronavirus (COVID-19) lockdown

Should I write a new will or brand a codicil?

How to pay inheritance tax (IHT)

Observe out more

Search the annals of charities (GOV.Britain)

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

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

Image: Getty Images

Publication date: 9 December 2020

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