A legacy is what you would like to leave to those important to you after you have passed away. A Will is the best way of making sure the money or property you leave goes to those you care about the most. For example, often people choose to make gifts to their family first in their Will.
However, you can also choose to leave a gift or legacy to charity in your Will. The gift is exempt from Inheritance Tax, and an estate can pay Inheritance Tax at a reduced rate of 36% on some assets (instead of 40%) if 10% or more of the ‘net value’ of their estate is left to charity, potentially enabling you to leave more to your family.
The net value of an estate is the total value of all the assets after deducting:
You can find out which components of your estate would qualify for the reduced rate by visiting: https://www.gov.uk/inheritance-tax/giving-to-charity-to-reduce-an-inheritance-tax-bill
Leaving a legacy or gift to Deaf Direct is an important way of helping to improve the lives of those living with hearing loss and deafness. A legacy will enable us to continue our vital Information, Outreach and Advocacy services, breaking down barriers and ensuring Deaf and hard of hearing people can live independently in the local community without prejudice. We fight isolation and communication barriers to ensure all the needs of a person are met. Your gift will therefore to change someone’s life.
(Case Study of someone who has left a Legacy and what this helped to achieve)