Different ways you can leave a gift to your favourite charity
more people wanting our help than our funding allows for. This means that receiving gifts in wills from people that we have helped, or their family members can make a huge difference, by helping us to support those who need it most. Here, specialist wills and probate solicitor Andrew Hitchon from Leicestershire based Bray & Bray Solicitors, describes the ways that a gift can be left to charity in a will, including ways which may even provide a tax benefit to the others you’re leaving gifts to in your will.
There are lots about wills that many people don’t know. If you don’t have one, you could be forgiven for thinking that all that goes into it is a definitive ‘who gets what’ in relation to your property and money.
However, there are different ways of leaving assets to others in a will, including:
1. Gifting a set amount
If you have a set amount in mind, to give to a certain charity, then it’s entirely possible to set aside this money in your will. Some of the people who gift us money in their wills like to know the value of their money, in terms of what it can do to help us and others like them, or their families.
From paying an amount that would enable us to hold a support session, or be at the end of the phone for a carer who needs to talk, every little helps towards making a charity like us work better for those who need our services.
2. Gifting a percentage
Gifting a percentage can relate to money or assets. For example, you could have a set amount in mind to leave to family and friends, then gift a percentage of whatever is left to a charity.
Similarly, you can give a percentage of your estate, whatever it may include – from houses to cars, motorbikes to boats and even the sale of jewellery.
3. Gift over of assets
Some people are left in a position where there is no-one left to leave their assets to, particularly if a beneficiary dies before them, in which case it’s nice for them to know that their assets will be going to somewhere that they would want them to go to; this can be referred to as a gift over provision.
4. Gifting everything
Some people don’t have anyone that they want to or could leave their assets to. In this case, if you weren’t to stipulate anyone or anywhere in your will, it would be left up to the law to decide what happened to your assets (this is called intestacy rules).
Inheritance tax savings when leaving a gift to charity
Whether you leave a gift of an item, an amount or a percentage to charity in your will, there are ways that this can benefit your other beneficiaries.
If you leave more than 10% of your estate to a charity, the rate of Inheritance Tax will decrease.
The value of what you are leaving to charity could also be taken off of the value of your estate, so that it isn’t taken into account when Inheritance Tax is calculated.
Leaving a gift in your will to LAMP
Legacies left in wills, no matter how big or small have a transformational impact. They can change things for the better for people dealing with mental health issues, as well as their carers and family members.
By leaving a gift in your will to LAMP you are helping to ensure that our local community continues to be supported with expert mental health services, advocacy and development for local services. Your help will help us to make a difference to local people – including the people around you, your family, friends and neighbours, whenever they may need it.
About the author
Andrew Hitchon is a solicitor who specialises in all aspects of law relating to wills, trusts and probate. A Partner, Andrew works for regional law firm Bray & Bray Solicitors, which has four offices across Leicestershire.
LAMP is known for its advocacy work, but also provides information, signposting, and support groups for those experiencing poor mental health and for their carers.
LAMP’s mission: To work together to overcome stigma and for social acceptance by using our advocates to help/empower service users and their carers to have a voice.
To find out more about the work of LAMP or how you can support us contact firstname.lastname@example.org
To work together to overcome stigma and for social acceptance by using our advocates to help/empower service users and carers to have a voice.