If, like many people, you wish to leave money or property to charity when you die, this can also be included in your Will. As all charitable bequests are paid free of Inheritance Tax, this can also be an effective way of minimising your estate’s tax bill.
You can choose to leave money to specific charities, or you can leave the selection of particular beneficiaries to your executors.
One flexible option is to make a bequest to the Charities Aid Foundation (CAF) in your Will and then draw up a Letter of Wishes setting out the charities you would like to support. The Letter of Wishes can then be updated as often as you wish without having to alter the terms of your Will.
With a CAF Legacy Account you can:
- name specific charities and allocate legacies to them
- direct funds to a particular cause where you do not know of specific charities working in that field, by giving to one of CAF’s cause-related funds (for example, Disasters and Emergencies)
- give CAF general instructions on how to distribute your bequest, if you are not sure about which charities to support
For further information please see the CAF website.
Contact us today on 07887 946 557 or online to discuss how Alex Truesdale Wills Limited can help you with a Will or associated service.