The gift that keeps giving
Leaving a gift in your Will is a great opportunity to make a huge difference after your lifetime. For many charities, including the nine that run Will Aid, gifts in Wills account for up to 50% of their voluntary income. Without being left gifts in Wills, so much of their work would not be possible.
Leaving a gift in your Will to a registered charity can also be highly tax efficient as it is free from inheritance tax. By choosing to leave a gift to one of our nine Will Aid charities, you could effectively reduce any tax your family or other beneficiaries would have to pay. For more information on how to leave a gift in your Will your Will Aid solicitor will also be able to help you.
Legacy 10 came into force on 6th April 2012. For people who die after this date and leave 10% of their estate to charity there is a corresponding reduction in the overall rate of Inheritance tax payable on the rest of the estate from 40% to 36%. It is also possible to achieve this saving by way of a deed of variation to insert the legacy to charity into a Will after someone has died.
There are three types of gift. You can leave:
- a share of your estate (a residuary gift)
- a fixed amount of money (a pecuniary gift)
- a particular item (a specific gift)
The most valuable gifts to charities are residuary gifts. But any gift in your Will, large or small, will give hope to vulnerable people in the UK and around the world.