Published on: 15th April 2024

Leaving a gift to charity in your Will

When creating your Will you can include a charitable bequest to whichever charitable organisation you choose. Many people decide to leave money to a charity, as a way of leaving a legacy and contributing to something close to their hearts. A charitable bequest is a simple way to make a significant contribution to a charity. This act of generosity not only reflects their values but can also have significant benefits for donors and charities alike. Some people put charities in their Wills as ‘reserve’ beneficiaries, meaning if the initial gift fails in their Will, then they have a further gift to their chosen charity, meaning they have a ‘backup’ and their money will still go to where they wish.

Reasons to include a charity in your Will:

Inheritance Tax benefits: If you left a gift to a charity this would automatically be tax-free. It could also reduce the amount of inheritance tax the rest of your estate will pay, as it can decrease the overall tax threshold for all beneficiaries. Your estate could therefore qualify for tax deductions which can reduce the total amount of tax owed. Therefore, a larger share of your assets can go to the individuals and foundations you care about, rather than to the government.

Contribute to something meaningful: Leaving money to a cause you believe in, is a great way to continue to shape the world even after you are no longer here. You can make a lasting and positive impact on the world and feel good knowing you are paving the way for a better future.

Honoring your memory: Incorporating charitable giving into your Estate Planning can also ensure that your name lives on and will always be a part of the greater good. You’re leaving a positive mark on the world!

Deciding on a charity/charities to include in your Will:

With 168,850 charities operating in England and Wales, it can be difficult to decide. The best way to find a charity you would like to support, once you have passed away, is by looking at the Charity Commission’s website. This website provides a full list of charities in England and Wales. If you are unsure of what charity you would like to provide for, having a look at the Charity Commission’s website is a great place to start.

If you would like to speak with one of our Consultants to discuss any of the issues raised in this article or any other Estate Planning topic please telephone 01732 868190 or click here.

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