Legacies & Leaving A Gift In Your Will
Leaving a legacy or a gift in your will is not one of the most enjoyable topics to discuss, but nowadays more and more people are leaving a legacy to charity and it is especially important in the circumstances to ensure that your wishes will be followed when you are not here to see them through. If you want to leave a legacy, or a gift in your will, you can leave one of two types.
- Pecuniary Legacy – This is a fixed sum
- Residuary Legacy – This is a part of your estate, once other gifts have been made
In both instances the amount of Inheritance Tax that your estate is liable to pay will be reduced. In addition, any donation made to us in the seven years before your death is exempt from Inheritance Tax.
If you would like more information on this method of charitable giving via the Staffordshire Community Foundation please feel free to get in touch. We can advise on the transfer of the assets, but we are unable to give advice relating to your will – for this you would need to contact a solicitor.