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Thinking about leaving a gift to charity in your Will?
22 Aug 2017
Grainger Appleyard will be participating in the Remember A Charity In Your Will week during the 11th - 17th September 2017.
All week we will be encouraging our clients to consider their favourite charity when thinking about their will.
There are many motivations and influences behind leaving a gift to charity, such as, giving a donation in memory of a loved one or appreciation for achievements and work carried out for a specific cause.
Inheritance Tax (IHT) relief may also be an individual’s key motivation. If an individual leaves a gift to charity in their will the value of the gift will be deducted from the individual’s estate before IHT is calculated. Also for estates that leave 10% or more of their taxable estate to charity a reduced rate of IHT is payable.
Whatever your influence or motivation a gift to charity in your will does not have to mean a large amount of money. A small gift can make a very real difference.
In some cases an individual may feel that a cash gift to charity is appropriate, however there are a number of different options to consider.
- A residuary gift or a share of your residuary estate i.e. the remainder of your estate or a share of the remainder after paying funeral expenses and any liabilities
- A specific gift of jewellery, furniture, shares, securities and land
- A gift of cash for a specific project or activity
- A discretionary gift which provides more flexibility to your executors
Please remember you can use your will to look after your family friends and everything that’s important to you, including charitable causes.
If you already have a will and simply wish to make an amendment to include a gift to charity please contact us. Alternatively if you do not have a will or if you have any queries in relation to making a will please do not hesitate to contact us.
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