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1) What can I leave as a legacy?
There are no limitations on what you can include in your charitable bequest within your Will. You have the freedom to designate as much or as little as you desire to charity. This encompasses various assets, including property, land, shares, or specific items such as jewellery or artwork.
2) Can I stipulate what my legacy will be used for?
Engaging in dialogue with the charity beforehand is advisable if you have specific requests for your legacy, ensuring feasibility and alignment with their capabilities and mission.
3) Can I leave a gift to multiple charities?
There is no limit to the number of charities you can designate as beneficiaries of your legacy, nor are there constraints on the amount or percentage of your estate you wish to allocate to them. However, once you've made these decisions, it is important to ensure that the information is accurately recorded in your Will.
4) Do I need to let a charity know that I have left a donation?
While there are no legal obligations requiring you to inform a charity about your donation, doing so can foster a meaningful connection. Notifying the charity allows them to acknowledge your generosity, provide updates on ongoing and upcoming projects. By sharing this information, you play a pivotal role in supporting their mission for long-term sustainability and impact.
5) Will a charity contact my family after I die to ask about a legacy?
In the majority of cases, charities refrain from initiating contact with families regarding potential legacies. Instead, it is customary for the executor/executrix (personal representatives) of the deceased to inform the charity. Occasionally, charities may not receive direct communication from the executor/executrix, and their entitlement may be disclosed through legacy notification companies. These entities notify charities once a Will has been made public following the granting of probate.
6) Will leaving a legacy reduce my Inheritance Tax?
Making charitable donations in your Will can help lower your Inheritance Tax bill. This is because the donation is deducted from the net estate before working out the inheritance tax payable. If your estate's value exceeds the nil rate band, donating to charity could potentially decrease the amount of Inheritance Tax owed (see diagram).
There’s normally no Inheritance Tax to pay if either:
a) the value of your estate is below the £325,000 threshold
b) you leave everything above the £325,000 threshold to your spouse, civil partner, a charity or a community amateur sports club
The standard Inheritance Tax rate is 40%. The estate can pay Inheritance Tax at a reduced rate of 36% on some assets if you leave 10% or more of the ‘net value’ to charity in your Will. (The net value is the estate’s total value minus any debts).
RGS Foundation are not Wills experts. This information is from the government website in February 2024 and is correct at the time of publishing.
