As mentioned in our blog last week charitable donations are at an all-time high in terms of donations through wills. However, with more and more people looking to leave money to charities and non-profit organisations through wills, is there a risk that DIY wills may restrict charities from obtaining capital?
DIY Wills: The Dangers
While there is no doubt that legacy giving is at an all-time high due to a number of campaigns, DIY wills are also growing in terms of popularity. Due to the low cost of setting up a DIY will and the simplified nature of such a document, many are opting not to go through a solicitor and leave their estate through a DIY will or a cheap will-writing service.
However, DIY wills may seem cheap in the short term, but they can prove exceptionally expensive for your family and those you leave behind in the long term. They may be effective in managing simple circumstances. However, they are grossly ineffective for complex circumstances such as multiple properties or complex family circumstances. A DIY will may not provide the heirlooms and capital to those intended but rather, if it is deemed to be ineffective or not legally binding, it may pass items down to those you did not intend to leave to.
Benefits of Leaving a Charitable Legacy
When leaving a charitable gift through your will the value of your donation can either be taken off the value of your estate before Inheritance Tax is calculated. It could also reduce your Inheritance Tax rate if more than 10% of your estate is left.
The best way to ensure you are leaving a gift to a charity is to speak to your solicitor and have it drafted into your will. They can ensure that your will is correct and legally binding and that your estate is cared for in accordance with your will when you are gone.
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To have our solicitors draft a will or to have yours reviewed, contact us today using our online contact form.