We are used to making charitable donations during our lifetime. A pound here, a few pounds there – all for a good cause. There are numerous ways of giving to charity. However, only a few of us leave a gift to charity in our Will.
Remember a Charity Week is an opportunity for all of us to take a moment to consider leaving a gift to charity in our Will, after looking after our family and friends.
Hauke Harrack, TEP, a senior solicitor in Hewitsons’ Private Wealth team, comments: “Charities rely on both regular donations and legacies in Wills to be able to continue their work. Even a small gift can make a huge difference. Both types of gifts are free of Inheritance Tax. Lifetime gifts can also provide higher rate Income Tax relief on the donation. For larger sums, a particular Inheritance Tax relief can mean it is more tax advantageous for the donor to leave money to charity in their Will, instead of making a lifetime gift – especially if all the gift is in the Will of the second spouse to die.”
For further details on how you can remember a charity in your Will, speak to a qualified solicitor.
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