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Should You Leave A Gift In Your Will?

You could benefit from tax breaks if you do.

If your thoughts have turned to what might happen after you die and you’ve decided to hire a Manchester wills and probate solicitor to help you put your affairs in order, it might be nice to consider leaving a charity a gift in your will.

For many trusts in the UK, gifts included in wills can account for a huge amount of their income, without which they wouldn’t be able to carry on doing the excellent work that they do.

And, what you might not know is that leaving a gift in your will could actually be of great benefit to you and your family, thanks to Legacy 10, which was introduced in April 2012. By leaving a gift to a charity you can help to reduce any tax your friends and family might have to pay since the gift would be free from inheritance tax.

If you die after 6th April 2012 and leave ten per cent of your estate to a charity, the overall amount of inheritance tax that your family will have to pay on the rest of your estate drops from 40 per cent to 36 per cent.

You can either leave a residuary gift (a share of your estate), a fixed amount of money or a specific gift. The most valuable to charities are residuary gifts but of course anything that you do leave to a trust will be most gratefully received. Your family will be sure to thank you as well! Find out more about it on the official government website.

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