Getting will solicitors involved in drafting this important document is certainly a good idea, since it can be very complicated putting your will together and you’ll want to make sure that not only will your wishes be respected once you’re no longer here but that your will is actually legally binding.
If you’re interested in finding out about legacy gifting, do ask your team of solicitors what this would entail. This is growing in popularity at the moment, it would seem, with new research from Co-op Legal Services revealing that the financial value of legacy gifting has risen by more than 30 per cent in the last year, with poverty, animal and cancer charities proving to be the most popular.
Other good causes include community charities, international ones, poverty and homelessness, hospices, children’s charities, rescue organisations, religious causes and help for the elderly.
Head of wills James Antoniou advised people that anything in your estate can be left to a charity, including land, property, shares or even specific items like jewellery or artworks. It’s also possible for you to talk to the charity about using their new inheritance for a particular purpose.
He went on to say that you can donate to as many charities as you want in your will, directing people to the Charity Commission website where they can find a list of all charities registered across England and Wales.
Interestingly, your family and those left behind could actually benefit financially if you do decide to leave a bit of money to charity in your will. The inheritance tax threshold is £325,000, which doubles to £650,000 for those with a partner, but if you leave money to charity you can reduce how much of your overall estate will end up with the taxman.
And bear in mind that if you leave a minimum of ten per cent of your estate to a charity, you’ll actually be able to cut your inheritance tax rate from 40 per cent to 36 per cent!
But how do you go about choosing a charity? There are so many of them out there and you can’t support them all, so it would make sense perhaps to pick one that’s close to your heart or which you feel really does need the help.
Whichever you choose, giving a gift in a will is a brilliant way of ensuring you leave a legacy behind, knowing that you’ve done all you can to support a good cause that will continue to do good work for years to come.
When thinking about your new will now, list everything you own (your assets and your estate) and who you want to be your executor. Then plan for those you’d like to include, as well as any legacy gifts. Then decide who’s going to write your will – and it’s advisable to use a solicitor so you know that all legal formalities have been carried out correctly.
For will solicitors in Epsom, give us a call today.