Daniel Craig will not leave any inheritance money to his children in his Will, finds it ‘distasteful’
Posted on 24th August 2021
Our expert Wills and Probate solicitors discuss Daniel Craig's decision, and everything you need to know about charitable donations in your Will.
Daniel Craig has made millions starring as James Bond and other prominent roles, but in recent days, news has broken that the star is not planning on leaving his children significant money in his Will.
Instead, Craig plans to give his wealth away to a number of charities, likening his wishes to the famous industrialist Andrew Carnegie.
Philanthropy is no new practice, but our solicitors for Wills and Probate have seen a significant increase in the number of people including charitable donations in their Wills in recent years. It is a great way to leave a positive and helpful legacy behind, and can even help with reducing the amount of tax needed to be paid on your total Estate. Read on for more information on leaving money to charity in your Will.
How do I leave money to charity in my Will?
If you are looking into leaving money to charity in your Will, or making a charitable donation in your Will, then you may be wondering how to leave part of your Estate to charity in your Will.
Broadly speaking, there are two main ways in which you can donate your money to a charity after passing. These are:
Naming a specific charity, or a number of charities, in the Will and the amount of money/gift that you wish to donate
Including a clause in the Will that allows the Trustees of the Will to decide which charities to donate to (with possible guidance on your wishes in terms of the types of charities)
Can I leave property to charity in my Will?
Yes, you can leave property or any other types of gifts to charity in your Will.
The three ways that you can leave a gift to charity in your Will, are:
A cash sum, either to a particular charity or charities, or to be decided by the Trustees of your Will
A percentage, or share of your Estate (meaning the final total of your assets, including cash, property and other assets)
A gift of a particular property or asset, such as a piece of jewellery or artwork
If you wish to leave a charitable donation in your Will, but are unsure of the best way to do so and require further information on the different processes, then get in touch with our specialist Wills and Probate solicitors today to discuss your situation with a legal expert.
Can I change my Will to include a charitable donation?
Yes, even if you already have an existing Will, you can change your Will and amend your Will to include a charitable donation that was not initially included in there.
This is a pretty straightforward job for our Wills and Probate solicitors, and they are always happy to help with any Will amendments, whether the Will was written by them or not. Simply get in touch, here, to discuss how we can help you.
Do you pay Inheritance Tax on donations to charity?
No, all donations and gifts made to UK charities in your Will are free of any Inheritance tax.
On top of this, making donations to charity in your Will can also help to reduce the amount of Inheritance Tax paid on your Estate as a whole.
If you decide to donate at least 10% of your Estate to charity in your Will, then the total amount of Inheritance Tax paid will be reduced from 40% to 36%. Depending on the proportion of your Estate that you planned on donating to charity, this could allow your chosen charities and beneficiaries to receive a larger proportion of your Estate, and less of it to be paid in Inheritance Tax.
Make a charitable donation in your Will with MG Legal's Wills and Probate Solicitors:
For help from a legal expert Wills and Probate solicitor, who can discuss possible options regarding leaving money to charity in your Will, as well as any other Wills and Probate matter, simply get in touch with MG Legal today, here.
Our team of Wills and Probate solicitors are well informed on all aspects of Wills, and leaving charitable donations in your Will, can assist in your drafting of a Will or amending a Will to include a charitable donation.
Our solicitors are here to help you, and ensure that all your wishes are met. We work confidentially, and without judging, to meet all of our clients wishes for their Will.
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