Leaving a legacy is one of the easiest ways to make a gift to charity. All charitable bequests are deductible from the value of an estate that may be subject to inheritance tax.
There are three types of legacy bequest, Residuary, Pecuniary and Specific.
- A residuary legacy is when a person leaves a percentage of their estate after all the other legacies have been made and debts cleared. One of the advantages of a residuary legacy is that it has the benefit of being inflation-proof and means you’re less likely to need to update your will in the future.
- A pecuniary legacy is a gift of a specified sum of money.
- A specific legacy is a gift of a particular item such as books, paintings, antiques, jewellery, land or property.
Leaving a legacy is a thoughtful way to make a donation to help a charity fulfil its aims.
It may be advisable to consult your solicitor on making or amending a will or to add a codicil to a will to include a charity such as The Friends of Malawi Association Charitable Trust or alternatively visit the ‘Remember a Charity’ website for a step-by-step guide.