Charitable legacies in Braintree need to be considered carefully, not only in terms of who you want to benefit but also with regard to how much you want them to benefit by. Check out the content of Laura Richardson’s article to find out the key points that you should consider when establishing effective charitable legacies in Braintree.

There are many reasons why you may wish to leave a charitable legacy within your Will. However, there are a few points to consider in order to ensure that your charitable legacy is valid and can be fulfilled upon your death. Andrew Douglas Wills and Legal Services advise that you carefully consider the following points when including a charity within your Will:

  • What are the exact details of the charity? There are approximately 160,000 charities within the UK, so it is extremely important that you ensure that you properly detail your chosen charity within your Will. If there are any discrepancies, or incorrect details listed within your Will this may mean that your chosen charity is unable to receive your donation. The Charity Commission lists all registered charities within the UK along with each charity’s registration number, which you should also include in your Will.
  • Do you wish to leave a legacy solely to your local branch of a national or international charity? It is possible to specify this within your Will. However, if your chosen branch closes down before you die, then the legacy will not be able to be fulfilled so you may wish to include a secondary option within your Will so that should a legacy fail, an alternative recipient is named. Furthermore, if you wish for your legacy to be spent to benefit the local people or area, then you should specify this within your Will otherwise the branch may simply pass on the legacy amount to the wider charity to spend as they see fit.
  • What are the Inheritance Tax implications? If you wish to leave a charitable legacy within your Will, the amount of the gift is not included in the total taxable value of your Estate. Furthermore, if you gift 10% or more of your Estate to a charity then the rate of Inheritance Tax that is applied to the remainder of your Estate falls from 40% to 36%. In order for these benefits to apply you must leave your legacy to a UK charity that is registered with the Charities Commission.

Remembering a charity within your Will need not be complicated. However, if you have any queries regarding your charitable donation, contact Andrew Douglas Wills and Legal Services today. We offer a free initial consultation, and as Will writing specialists you can rest assured that your wishes will be fulfilled after you die. Call today to discuss how we can help you to help others through your Will through effective charitable legacies in Braintree

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