Leave a gift to charity in my online will. Last year (2019) people left more than £3 billion in their wills to charities and good causes. At Premier Wills our technology makes it easy for you to leave a gift to charity in your will!
Here’s everything you need to know about legacy giving –
Why should I bother leaving anything to charity in my online will?
According to the Daily Telegraph, a little cash can go a long way for a charity –
£4 will pay for a counsellor to answer a child calling Childline. NSPCC
£2,000 would enable four musically talented young people from low-income families to receive a grant and a year of support for their music-making. Awards for Young Musicians
£5 will help buy equipment that researchers need to grow cells for their work. British Heart Foundation
1% of a £5,000 estate will kit out an assistance dog with a high-vis jacket and specialised harnesses. Support Dogs
0.1% of a £90,000 estate could pay for a class of 30 primary school children to receive the NSPCC’s Speak Out, Stay Safe programme to help protect them from abuse. NSPCC
£300 could feed 10 families in Syria for one month. British Red Cross
£1,000 could pay for four research study participants to have detailed MRI scans of their hearts. British Heart Foundation
There are 2 ways to leave money to charity in your online will –
How can I leave to charity in my online will?
You can:
Specify a named charity or charities that will benefit
or
Let the trustees of your Will decide.
If you select specific charities, then it’s best to include their registered charity numbers. This will help to avoid any administration confusion.
If you opt to let the trustees choose the charities, then we recommend that you provide them with some clear guidance.
What Can I Donate?
You can donate –
A fixed amount
An item
What’s left after other gifts have been given out
How does the inheritance tax work when I leave a gift to charity?
Your donation will either –
Be taken off the value of your estate before Inheritance Tax is calculated
or
Reduce your Inheritance Tax rate, if 10% or more of your estate is left to charity
Can Family Members Contest Donations In My Will?
This is unusual. But it’s important to be aware –
The Inheritance Act means that your will should reasonably provide for any financial dependents you may have. If you leave everything to charity, and choose not to provide for these dependants, then a family member may be able to contest your will.
If you left lots to charity, then family members could also argue that your will was made when you were not of sound mind.
Anything else I need to know?
As long as your will provides reasonable provision for any dependants, then can leave assets to whoever you choose, including charities.
