Leaving a Legacy to Charity
Making donations to charities, in life as well as in your Will, is a tax efficient way of giving. Charitable donations are completely exempt from Inheritance Tax. Leaving a gift to charity in your Will is a good way for your generosity to last beyond your own lifetime.
Perhaps you feel passionately for a cause or charity or have been moved by an appeal you have seen. Or maybe you or someone close to you has been helped by a charity in the past.
We can offer advice on tax efficient ways to give to charities.
Charities Aid Foundation (CAF)
If you wish to benefit a charity in your Will but are not sure which one please visit Charities Aid Foundation (CAF) on the link below.
CAF can make arranging a charitable legacy easy and flexible. All you have to do is make a gift to CAF in your Will, and let CAF know which charities you wish to pass your gift on to.
This service is flexible because it allows you to change your list of beneficiaries at any time without needing to update your Will. As a bonus, any sum of money you leave to charity is exempt from Inheritance Tax, reducing the amount of tax payable on your estate.
When the time comes, CAF will make sure your chosen charities get the money you've left to them. Or if you'd prefer, the legacy can go into a charitable trust, to be managed by your successors.
Link to CAF website: www.cafonline.org
Maxco Trust
Maxco Trust (Maxco) stands for MAXimising resources for Christian Outreach has now merged with Stewardship.
Money you leave to any charity is free of Inheritance Tax. You may have a clear idea of the proportion you would like to leave in your Will to Christian charities, but you may wish to be free to vary exactly where the money goes without having to re-write your Will. You can leave a legacy to Stewardship, and give them your written wishes for its distribution - you can amend them at any time simply by writing to Stewardship.
Link to Maxco website: www.maxco.btinternet.co.uk