Many people think that making donations to charities in your will is only for the wealthy. However, that is not the case. The reality is that without gifts left in Wills by people like you, many of the charities we know and support wouldn’t even exist. Even a small amount can make a big difference. Gift in Wills is the largest single source of voluntary income to the charity sector at £2.8 billion. When choosing a charity, think about the things that you’re passionate about and that are important to you in your life.
Types of legacy gifts you can give:
Pecuniary
A form of legacy that allows you to leave a sum of money to your chosen charity. This donation can be a set figure that does not change with time.
Specific
It could be an item of yours that you wish to gift to charity. It may be something that the charity will benefit from by selling or could even benefit from the shares of the item.
Residuary
A residuary legacy is when you leave a percentage or the whole of your property as a gift to charity.
Reasons to leave a gift to charity in your will:
- Giving back to charities that help the less fortunate is a useful way to help change and improve peoples lives.
- Donating to charity can reduce your estate for inheritance tax purposes.
- You may regularly give to charity and wish to give money to the charity, to ensure they're able to carry on with their work.
- If a healthcare charity has helped you or is caring for a loved one, you can show gratitude by donating to them.
- If you have a chronic or terminal illness, donating to the appropriate charity can help defeat the illness or lessen by research.
If you’re looking for a Will that’s close to your heart, head over to rememberacharity.org.uk, to find a charity.
If you're looking to create your Will, speak to one of our specialised Solicitors in Essex.