Anyone can leave money to a charity in their Will – this is known as a legacy.

Apart from the fact that you get to help people after you are gone, giving money or willing assets to charity has the following benefits:

• Gifts left in wills are vital to the work of most charities. After you’ve taken care of loved ones, you may decide to leave a gift in your will to your favourite charity and pass on something wonderful to future generations. Many charities wouldn’t survive without gifts in wills.
• Aside from supporting your favourite charity’s work, there are also financial benefits to leaving part of your estate to charity. Your family can pay less Inheritance Tax.  Not only will any portion left to charity not count towards the total taxable value of your estate, but if you leave at least 10 percent of your net estate to charity then you can cut the rate of inheritance Tax you pay from 40 per cent to 36 per cent. 
• Helping the work of the charity to live on. By donating a gift in your Will to a charity that is important to you, you’re helping their work to continue into the future.
• Leaving a legacy for yourself: Giving to a charity is one of the easiest ways to leave an imprint in the lives and minds of people. The charity may even name a  fund or project after you, depending on how substantial your gift is.

There are three ways you can leave money in your Will to a charity. 

1) A residuary share 

This is a share in, or all of, what’s left of the value of your estate after family and friends have been allocated their shares.

2) A pecuniary gift 

A specific sum of money.

3) A specific gift 

This is where you leave a specific item such as a piece of art.

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The advantage of leaving a share (also known as a residuary gift) over a specific sum of money is that it stays the same over time and you won’t need to change your Will to keep up with inflation.

There is sometimes a misconception that only very wealthy people leave money to charity, but even a small donation can have a big impact.  Legacy donations – big and small – play an important role in allowing charities to continue doing their work. In fact, many wouldn’t survive without them. 

It’s a great way of saying thank you to those charities you’ve benefited from or to help a cause that is close to your heart. 

We’ve made it simple to leave money to charity, you can search and select your charity within Valulife as you write your Will.