It is becoming increasingly common for people to leave some capital or other assets to a charity in a Will. There are many reasons for this and, naturally, one of the main ones is that an individual who has a passionate interest in a particular cause can leave them money. Will writing solicitors in North Wales can advise on how to legally add charitable giving to a Will.
Having charitable legacies added to a Will gives an individual full control over where their assets go in the event of their death. This is often a comfort to that person and helps avoid confusion and arguments between those who are left to deal with their assets. There is also an added flexibility to this kind of gift giving since different parts of an estate can be left to different charities or causes.
There are additional benefits to giving to a charity. One of the main ones is that it is generally not part of the inheritance tax process. The knock-on effect of this is that leaving money to a foundation will reduce the overall taxable value of an estate. This, in turn, reduces the tax burden of the total estate, minimising the amount calculated for the tax bill. Wills solicitors in North Wales can help to legally add gifting to Wills, which will ensure people have a lasting legacy after their death.
Look to us here at Bennett Smith Solicitors now so we can share our advice and expertise about a range of issues relating to your Will.