Benefits of Charitable Legacies in Wills

Grainne Feeney, Partner | Anna Sibbald, Partner Wills, Trusts & Estates | September 13, 2023

Many UK residents are recognising the dual benefits of charitable legacies in Wills. Beyond the altruistic satisfaction, such gifts may reduce the inheritance tax (IHT) rate upon death from 40% to 36%. Dive deeper into will-writing essentials here.

What are Charitable Legacies?

A charitable legacy is a testamentary gift made to a charitable organisation. These legacies are pivotal in assisting charities in furthering their causes. Yet, charities often face administrative challenges in managing these gifts.

Gifting for a Lasting Legacy

A well-drafted Will mirrors a client’s ethos, aligning wealth with values and passions. By apprising clients of the possibility to include a charity in their Will, we ensure that Will-writing is both comprehensive and empowering. Moreover, for those above the Inheritance Tax threshold, charitable gifts may offer significant tax reliefs.

The Real-World Impact of Charitable Legacies

Legacy gifts are transformative. They finance critical missions, such as 60% of RNLI lifeboat launches or a third of Marie Curie’s hospice care. Such gifts have also secured the future for countless animals at Battersea Dogs & Cats Home. This showcases the tangible impact of each charitable legacy, whether large or small

Remember A Charity Week: A Call to Action

With 4 in 10 UK adults open to the idea of a legacy gift and 34% desiring to leave a positive mark, Remember A Charity Week is a timely initiative. At Anthony Gold Solicitors, we’re staunch proponents of this initiative, nudging clients to contemplate charitable legacies.

In our lifetime’s narrative, charitable legacies offer a chance to script a chapter of lasting significance.

At Anthony Gold Solicitors, we consider it a privilege to facilitate this journey, guiding clients towards crafting a Will that seamlessly aligns with their wealth, passions, and purpose.

Whether you’re an individual exploring the idea of a charitable bequest or a charity seeking insights on managing legacies, our seasoned team is here to assist. For a detailed consultation or any queries related to these or any associated matters feel free to reach out to our dedicated Private Client team.

Please note

The information on the Anthony Gold website is for general information only and reflects the position at the date of publication. It does not constitute legal advice and should not be treated as such. It is provided without any representations or warranties, expressed or implied.