17th June 2020
One of the questions that you need to think about when giving instructions for your will is – do you want to leave any money to charity under your will?
Charities rely on legacy gifts to continue to do what they do. Legacy gifts are the largest source of income for most charities and are therefore an important thing to consider if you have a particular charity that is close to your heart.
There are some financial benefits to leaving gifts to charities in your will should your estate exceed the inheritance tax threshold. Any gift left to a charity will not be taxable and will not count towards the total taxable value of your estate. If you decide to be generous and leave a gift to a charity worth more than 10% of your estate then your inheritance tax liability reduces from 40% to 36%.
At Battrick Clark we are proud to be partnered with Cancer Research UK as part of their ‘Free Will Service’. If you would like any further information about this please visit – https://www.cancerresearchuk.org/get-involved/donate/leave-a-legacy-gift-in-your-will/free-will-service