I left money to three charities in my will. It was really hard to pick, but I chose ones I thought didn't get enough attention. What you leave in your will to charity is called legacy giving. And charities really need the help, particularly as we head out of the pandemic.
It's something that I'm really passionate about (apart from death chat) - the largest charities are good at fundraising in this way, but it's the smaller and mid size organisations that struggle to get into legacy giving.
Around £3 billion was donated to charities via wills in 2018, with the most common type of charity to receive gifts being children’s charities, local causes, rescue organisations, religious causes and charities working to eradicate poverty.
Aside from the reduction in inheritance tax, If you leave something to charity in your will, it won’t count towards the total taxable value of your estate. This can considerably cut, and in some situations, eliminate any inheritance tax.
How to choose a charity for your will
Name a specific charity or charities or put down a particular cause that matters to you, which would mean the executor would be able to decide. If it's a specific organisation, put down their registered charity number to avoid confusion, as charities sometimes have similar names or change their names.
You can always find the charity number of the organisations website, or check the charity Commission database.
If you choose to let your Trustees decide for you based on a cause you care about, it is vital that you leave a clear record of your wishes to help them make the decision. You might tell them to leave cash, a property or asset, or a share or the whole of your residuary estate.
Whatever you decide, you'll be doing an absolute ton to help a charity plan better for it's future and to continue to exist so it can help people and the planet.