Leaving charitable gifts in your will is an opportunity to make a lasting difference to the causes you care about. It can also be a tax-efficient way to pass on your wealth.
There are a few things to keep in mind when making a charitable gift in your will. First, you need to decide which charity or charities you want to support. You can choose to support a specific charity, or you can leave a general gift to charity.
Second, you need to decide how much you want to leave. You can leave a fixed amount, or you can leave a percentage of your estate.
Third, you need to decide how you want to make the gift. You can either leave the gift outright, or you can set up a trust.
If you leave a gift outright, the charity will receive the money immediately. If you set up a trust, the charity will receive the money subject to the terms of the trust.
There are a few tax benefits to leaving a charitable gift in your will. First, you may be able to claim income tax relief on the amount of the gift. Second, you may be able to claim capital gains tax relief on the amount of the gift.
If you are thinking about leaving a charitable gift in your will, it is important to get legal advice. A solicitor or direct access barrister can help you to make sure that your will is valid and that your wishes are carried out.
Here are some of the benefits of leaving a charitable gift in your will:
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You can make a lasting difference to the causes you care about.
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You can help to reduce your tax liability.
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You can leave a legacy that will outlive you.
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You can show your loved ones how much you care about the things that are important to you.
If you are considering challenging a charitable gift in a will, or such a gift is being challenged and you would like to resist the challenge, contact clerks@anvilchambers.co.uk