07

Dec

Leaving a legacy in will

How to leave a legacy to a charity in your will

Writing your will is one of the most important things you can do. If you die without making a will, your estate (money, property and possessions) might not be distributed in line with your wishes.

If you’re planning on making a will, making a donation to a charity (known as a legacy) can have many benefits.

Legacies are now an important source of income for charities in the UK and can also have tax benefits for you.

If you’re interested in leaving a legacy in your will, you can discuss your circumstances with a specialist solicitor today by calling 01282 695 400.

What are the tax benefits of leaving a legacy in your will?

As well as helping a good cause, leaving a legacy can have financial benefits for the beneficiaries of your estate.

Any gift that you leave to a charity in your will is deducted from your estate before inheritance tax is worked out.

If your estate is close to the taxable threshold (in most cases £325,000), leaving a gift which brings your estate under this amount could mean that there is no tax on your estate.

You can find out more about how our specialist solicitors can help you plan for your will here.

What type of legacy can you leave in your will?

In most cases, your first priority when making a will is your family and friends. However, if you also wish to include a donation to charity, there are 3 main types of legacies you can leave.

Pecuniary Legacy (a fixed sum of money)

Leaving a fixed sum of money may seem like the simplest option when leaving a legacy in your will.

However as years go by the effects of inflation could mean that your gift is not as valuable as you originally intended. You may need to update your will regularly if you would like to change the sum of the money you would be donating.

Residuary Legacy (a percentage of the net value of your estate)

Leaving a Residuary Legacy means that you will leave a proportion of your estate to charity once your other beneficiaries have been taken care of.

The benefit of this is that the size of the gift will remain constant in proportion to the size of your estate and avoids the effect inflation can have on your gift.

Specific Legacy (leaving individual possessions)

You may wish to leave a specific possession as a legacy in your will such as land, property or shares.

Possessions such as property can also be left as a Revisionary Bequest. For instance, you could leave your home to a charity but allow your surviving spouse or family to live in the house until their death. The property would then be passed on to the charity listed in your will.

Talk to our specialist solicitors about leaving a legacy in your will

Here at Future Planning Solutions, our specialist solicitors are available to listen to your circumstances and provide the advice you need on the best way for you to leave a legacy in your will.

If you’d like to talk to one of our specialist solicitors in Lancashire today, you can call us now on 01282 695 400.

Or, you can arrange a call back with a member of our expert legal team by completing our quick online contact form here.

Comments