Cygnet Law’s Macmillan Coffee Morning and why you should consider leaving a gift to charity in your Will.
Posted on: September 20th, 2021
Starting Monday 20th September, the staff at Cygnet Law are partaking in a week-long baking event to raise money for Macmillan Cancer Support. Team Cygnet have put on their aprons and will be making and selling their baked goods in support of an amazing cause.
In light of the national Macmillan Coffee Morning there is no better time to consider including a charitable legacy within your will.
There are a plethora of benefits to including a gift to charity within your will. Whether the inclusion is by a cash gift, a percentage of your estate or even a specific gift such as jewellery or artwork, there are multiple ways that you can help to further a charitable cause.
Many people give to charity within their lifetime whether this be by donations or volunteering with different organisations. However, once a person passes away, their help does not need to die with them. By leaving a gift to a charity you are effectively allowing your memory to live on through the work that can be done, aided by your gift. Macmillan stated that in 2019 approximately 1/3rd of their donations came from those made through Wills.
By leaving a cash gift or percentage of your estate to charity you can ensure that an organisation of your choosing and one which you are passionate about can continue to benefit and undertake the important work in helping a great cause. At Cygnet Law we sponsor many amazing charities both regionally and nationally and often have clients wanting to include gifts to these charities within their wills. If you also have a charity that is close to your heart, there is no time like the present to be thinking about whether you want to include them within your will.
Another beneficial aspect of leaving a gift to charity in a will is that it can result in a deduction of inheritance tax liability. Leaving just a 10% share of your estate to any given charity or charities can reduce the inheritance tax rate you are subject to from 40% to 36%. The standard position with regard to inheritance tax is that you pay a 40% tax on any monies that exceed the ‘nil-rate band’ which is currently £325,000.00 for a single person. The 4% reduction can be of monumental value depending on how much of a person’s estate exceeds the nil rate band. If your estate is at risk of exceeding this value, there are additional ways in which your inheritance tax liability can be reduced.
If you would like to know any further information in respect of leaving a charitable gift in your will please do not hesitate to contact our Wills and Probate team on 01642 777680 for more information. If you would like to make a Will with Cygnet Law, our costs start at £90.00 plus VAT for a single Will and £160.00 plus VAT for mirror Wills.
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