All of us want to make a difference and support the causes that are important to us. However, most of us focus on the things we can do during our lifetimes, and don’t consider how we can extend that impact for when we are no longer here. Leaving money to charity in your Will is a powerful way to support causes close to your heart while leaving a lasting legacy that helps to make a difference for generations to come. The prospect of helping people when you’re not here sounds great, but how do you do it?
In this guide, we will explore the importance of inheritance tax for charity, how to leave money to charity in your Will, and highlight some of the best charities to consider in the UK, with a special focus on why Seashell is an excellent choice. Read on to find out more.
Understanding Inheritance Tax for Charity
If you’re considering leaving money to charity in your Will then it is important that you understand inheritance tax and what the implications are. In the UK, inheritance tax applies on the value of your estate above a certain threshold. However, if you’re looking at leaving money to charity in your Will then this may reduce the amount of inheritance tax payable on your estate.
This is because any charitable donations made in your Will are exempt from inheritance tax, meaning the full value of your gift will be sent to supporting a charity and cause that you care about. This not only benefits the charity, but also ensures that you’re using your estate to make a positive impact in the world.
How to leave money to charity in your Will
Now you have a clearer idea of how leaving money to charity in your Will works and the tax implications of it, you may be wondering how to go about it. Here are some steps to help you navigate the process.
Seek professional advice
We recommend you seek advice and guidance from a solicitor or professional advisor who specialises in Wills and estates. This is a great way to provide valuable insight into the legal requirements and help ensure your wishes are accurately reflected in your Will. By seeking professional advice you can also get the answers to any questions you may have.
Identify your charitable causes
Leaving money to charity in your Will is a considerable and meaningful gesture so it is important to take the time to identify the charitable causes that are meaningful to you. There may be a charity that you have supported throughout your life that you wish to continue to support, or you may want to search for a new charitable cause. Whether it’s supporting healthcare, education, environmental causes or you want to make local charity donations, ensure that you choose charities that align with your interests and values.
Specify your intentions
We recommend you clearly outline your intentions for leaving money to charity in your Will, as of course you won’t be around to ensure it is done correctly. You should specify the amount or percentage of your estate you wish to give to the charity and provide detailed instructions on how you want the gift to be used.
Keep your Will updated
It is important you review and update your Will regularly so it reflects any changes in your circumstances or charitable preferences. This ensures your charitable giving reflects your wishes over time.
Best Charities to Leave Your Money to in the UK
While leaving money to charity in your Will may sound like a really nice thing to do, finding the right charity isn’t the easiest. In the UK, there are so many reputable charities that make a significant impact across various causes. From fundraising for disabilities to charities for children, there are so many to choose from. When deciding which charity to leave money to in your Will, consider factors such as their mission, impact, financial transparency, and reputation.
It is no surprise that one charity that stands out for its unwavering commitment to making a difference is Seashell. Here we work consistently as a learning disability charity that aims to transform the lives of young people with the most complex disabilities. As part of this work, Seashell provides exceptional education, care and support services that empower each individual, no matter what disabilities they have, to help them reach their full potential.
For these reasons, and many more, leaving money to Seashell in your will ensures that children and young people with complex disabilities will receive the specialised care and support they need to thrive in life. By donating your money to Seashell after you have gone, you can ensure your legacy will enable Seashell to continue delivering life-changing services and creating opportunities for those who need it most.
If you’re looking for more information on what Seashell has to offer or want to talk to someone about leaving money to us in your Will, get in touch with the team today.