Charity starts... In your will?

According to a survey commissioned by the British Heart Foundation, around 43% of people want to give money to charity when they die, but in practice only around 7% do so.

Part of this is, no doubt, due to the number of people who put off making a Will – around 1 in 3 people in the UK die without a Will, which can result in loved ones being left with more difficulties or confusion.

After providing for your loved ones, you may wish to consider leaving a charitable gift in your Will.

Research carried out regarding charitable gifts in Wills highlighted that if people were simply asked whether they wished to include any charitable legacies in their Wills, this significantly increased the chance that a person would do so.  In fact, the research found that by asking the question, the number of people who named charities in their Wills more than doubled.

Of course, the decision to make gifts to charity and indeed deciding which charity or charities to support, is always a personal one. As your solicitors, when we take your Will instructions, we will discuss with you whether you wish to leave a legacy to charity and the benefits of doing so. This will enable us to ensure that your wishes are accurately reflected in your Will.

Tax benefits of giving to charity

As well as helping organisations or causes close to your heart, gifts to charity can be tax efficient and could affect any potential Inheritance Tax liability due by your estate. Leaving a part of your estate or indeed your entire estate to charity can reduce your Inheritance Tax liability. If you leave at least 10% of your net estate to charity, the Inheritance Tax rate reduces to 36% from 40%.  If you leave your whole estate to charity, there will be no Inheritance Tax to pay regardless of the value of your estate.

Leaving a charitable legacy is just one of the many different provisions you can choose to include within your Will and we would strongly recommend that if you do not have a Will in place, you should do so in order to ensure that your wishes are carried out on death.

If you would like to discuss putting a Will in place or to update your current Will, please contact Gilson Gray’s Private Client Team who would be more than happy to assist.

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For More Information Contact:
Laura King
Mobile: 07841 920 095
Direct Dial: 0131 516 5359
Email:lking@gilsongray.co.uk

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For More Information Contact:
Ailidh Ballantyne
Direct Dial: 0141 530 2037
Email:aballantyne@gilsongray.co.uk

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The information and opinions contained in this blog are for information only. They are not intended to constitute advice and should not be relied upon or considered as a replacement for advice. Before acting on any of the information contained in this blog, please seek specific advice from Gilson Gray.