A focus on Wills - what is a charitable bequest?

Welcome to the fifth blog of our comprehensive blog series that delves into the intricate world of Wills and estate planning. In this thoughtfully curated collection, we aim to demystify the complexities surrounding Wills, offering insightful guidance and expert advice. Whether you’re a first-time planner or looking to revisit your existing arrangements, join us on this journey as we explore the crucial aspects of Wills, from understanding the legal nuances to practical tips on effective estate management. Our series is designed to empower you with the knowledge needed to make informed decisions about the future, ensuring your wishes are respected and your loved ones are well taken care of. Let’s embark on this enlightening exploration of Wills together.

Including a charitable bequest in our Wills is a growing trend. 

This source of income has been crucial for charities during the last few years when they have been unable to hold their usual fundraising events. Not only do charitable bequests support causes close to our hearts but they can also have a beneficial effect on any Inheritance Tax (“IHT”) which may be due. Bequests to a UK-registered charity are free of IHT, and, should you leave at least 10% of your estate to charity, any IHT payable on the remainder of the estate may be reduced from 40% to 36%. For our chosen charity to benefit, there must be sufficient net assets within the estate, there must be a Will, and the charity must be clearly identified therein. The registered charity number is especially useful, as charities do change their names. In Scotland, spouses, civil partners, and children have certain legal rights enshrined in law. Should you intend to leave your estate to charity thereby disinheriting family members, it is helpful to discuss with them if possible, and prudent to leave a letter explaining your decision, to avoid potential disputes.

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