If you leave a gift in your Will to a charity like Tarporley War Memorial Hospital Trust, you can leave this as:
- a fixed amount of money, known as a ‘pecuniary legacy’
- an item
- a share of what’s left of your estate once all costs and other legacies are paid out, known as a ‘residuary legacy’.
Your charitable donation will either:
- be taken off the value of your estate before Inheritance Tax is calculated
- reduce your Inheritance Tax rate, if more than 10% of your estate is left to charity
As your will is a legally binding document, and the subject of charitable legacies can be complex, it’s sensible to seek professional help when making a legacy in your will.
