Leaving a Gift to Charity in Your Will

Each September, Remember A Charity Week shines a spotlight on the positive impact gifts in Wills can have on charities of all sizes. It’s the perfect time to think about how you can create a lasting legacy and support the causes that matter most to you.

Why Consider Leaving a Gift to Charity in Your Will?

Leaving a gift to charity in your Will is a meaningful way to make a difference beyond your lifetime. Whether you choose to support a national organisation or a small local charity, your contribution can have a lasting impact on the community and causes close to your heart.

From a financial perspective, charitable legacies can also be tax efficient. Gifts left to registered charities are exempt from Inheritance Tax. In some cases, if you leave at least 10% of your estate to charity, the rate of Inheritance Tax applied to the remainder of your estate may be reduced from 40% to 36%.

Options for Leaving a Gift

You don’t have to choose between looking after loved ones and supporting a good cause. There are different ways to include a charity in your Will:

• A fixed cash gift – a set sum of money donated to the charity.
• A percentage of your estate – this ensures your gift is proportionate and does not reduce what your other beneficiaries receive.
• A specific item – such as property, shares, or valuables.

Even a small percentage of your estate can make a big difference, especially for smaller charities that rely heavily on legacies to continue their work.

Professional Advice Matters

The rules around charitable gifts and Inheritance Tax can be complex. To ensure your wishes are carried out properly and that your estate is structured in the most tax-efficient way, it’s important to seek professional legal advice before updating or drafting your Will.

How Hegarty Can Help

As a local law firm, we regularly assist clients with estate planning and the preparation of Wills that reflect both personal wishes and charitable intentions. We can guide you through the process, explain the tax benefits, and make sure your Will is clear and legally valid.

Create a Lasting Legacy

This Remember a Charity Week, take the opportunity to consider the causes that matter most to you. A gift in your Will, no matter how big or small, could help ensure those charities continue their vital work for generations to come.

If you’d like to discuss updating your Will or leaving a charitable gift, please contact our friendly team today.