As the Christmas lights twinkle and the festive spirit takes hold, we are reminded that this is also a time for generosity and goodwill. The festive season is the perfect time to think about how you can give back, not just today but for years to come.

Including a charitable gift in your Will is a powerful way to support a cause close to your heart and leave a lasting legacy. 

There are several ways to leave money to charity in your Will. For example, you might wish to make a gift of a fixed sum (known as a pecuniary legacy) or alternatively leave a share of your estate to a charity or charities (a residuary legacy). Both options have different implications, and it's important to consider how your gift might affect any loved ones you also wish to benefit in your Will.

And if the festive spirit is not reason enough, one key benefit of charitable giving through your Will is the potential reduction of the inheritance tax liability of your estate. Gifts to registered UK charities are exempt from Inheritance Tax, and if you leave 10% or more of your net estate to charity, the overall Inheritance Tax rate on the rest of your estate can be reduced from 40% to 36%.

It is crucial, however, that any gift to charity is done properly. Any ambiguities of the gift, such as incorrect charity names, outdated details, or vague instructions, can lead to delays, disputes, or even the failure of your intended gift. Having your Will prepared by a solicitor will ensure that your chosen charity receives the gift as intended.

So, as you’re tucking into your turkey or carolling in the snow, if you are considering leaving a gift to charity in your Will this festive season, our team can help guide you through this process.