Every day we seem to hear more and more about people or causes that could use our help.
While many of us would like to make substantial donations to charities, we often lack the financial resources to do so.
Leaving a gift in your Will is a great way to make a real difference to charities or causes you care about.
Leaving a gift to charity
In your Will you can give instructions for gifts to your chosen charity or charities. You can leave a percentage of your estate, a sum of money or other assets such as property, stocks or shares.
You can specify a percentage or fraction which gives longevity to your Will because the gifts aren’t influenced by inflation or changes in the value or make-up of your estate.
You may wish to specify a residual gift, that is, a donation of the remainder of your estate after first leaving gifts to your loved ones.
Some people may choose to gift their whole estate to a charity or charities.
Important things to consider
- You should conduct your own research into the credibility and work of the organisation and ensure they are a registered charity.
- You must ensure the charity or choice is correcting described in your Will. This means using the correct and legal name and address of the charity and correctly spelling it. It is best to get the correct details directly from your charity of choice to avoid any confusion.
- You must ensure that any conditions attached to the bequest can be enforced on a practical level.
- You may wish to to be specific about a project or the purpose you want your gift to be used for.
If there is any confusion about any of the above items, it’s possible that your estate may incur unnecessary court costs and your gift is made at the level of contribution you intended, if at all.
What next?
Speak to a Wills and Estate Lawyer such as Gill and Lane about the type of gift that will best suit you and your estate. Your solicitor can provide advice on tax implications or exemptions available for some types of gifts. They can also help mimimise the likelihood of a claim against your estate or any confusion about your wishes.