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Legacy

Leave a gift in your Will to Mityana Charity

Why leave a Legacy?

Legacies can be the single most valuable gift you ever give someone and could save you up to 40% in inheritance tax. After you have provided for your spouse, family or friends, why not make an impact on future generations and leave a portion of your estate to Mityana Charity.

What type of charity legacy can I leave?

  1. pecuniary bequest - a specific sum of money
  2. specific bequest - a particular item of value, such as jewellery or an antique
  3. residuary bequest - what is left of your estate after expenses and all other wishes have been met
  4. conditional bequest - a gift which is passed to charity, if the person for whom it was intended dies before you

 

What tax benefits do I gain?

Gifts to charity are exempt from Inheritance tax (IHT) (which is charged at 40% of the value of your estate), they can also help to reduce the value of your estate, and therefore your tax liability. The tax threshold for a single person in 2010-11 is £325,000 in 2010 and for a couple £650,000.

As an example if you had an estate with the value of £500,000 then £188,000 of that is subject to 40% tax. Your estate would therefore actually only be worth £424,800 as £75,200 would go to the government. However any amount of your £500,000 that you leave to charity would be tax free, therefore the charity would get 100%.

Can I request that my money is used for a specific project?

You can make your specific wishes known to the charity, however rather than writing a specific project into your Will, it is better to keep the legacy wording general and then add a separate letter of wishes.

This means that if the specific project has finished by the time the charity receive your money, they will still be able to make use of it, otherwise they may not legally be entitled to receive your gift at all. We would advise you to speak both to your chosen charity and to your solicitor should you wish to do this.

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  • I don't have a Will I wish to leave a legacy - click here
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