Leave a gift to charity in your will

Writing a Will is one of the most important decisions many of will face in our lives, and one that many of us think will be far more complicated and expensive than it actually will be.

While it can be daunting to have to sit down and think about what happens after we die, and to have to calculate how our assets will be divided up, most people feel a great deal of relief once the process is over.

Writing a will for most people can be done for free, and is sufficiently simple to complete online.

Why should I write a Will?

If we do not have a Will, when we die, your assets will often be divided up in a way you don’t really intend, or could be subject to lengthy legal disputes by people who feel they have a claim on your assets.

By writing a will you ensure your own preferences are carried out, but writing a Will will often ensure that your family and friends will pay the minimum amount of inheritance tax on anything you leave to them.

Leaving money to charity can reduce your tax bill

The government (as of Oct 2018) encourages people to leave money to charities in their wills by reducing their inheritance tax.

For example, if your net estate (after allowances are taken into account) was worth £250,000, after inheritance tax (IHT), your family would inherit £150,000.

But, if you decide to leave 10% of your net estate to Norwood — £25,000 — your tax rate is reduced, so your family still inherits £144,000.

Thanks to the tax change, your generous donation of £25,000 to Norwood costs you just £6,000.

It’s “gift aid on steroids”.

Everyone’s tax situation is different, and you should always seek independent financial advice before committing to leaving a gift in your will to Norwood.

Read more about writing a will

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