Leaving a Legacy
In general, any assets over £325,000 given as a legacy to anyone other than your spouse, are subject to Inheritance Tax at 40%. Leaving a donation to a registered charity however, is exempt from tax.
There are a number of ways of leaving a charity legacy:
Pecuniary / Specific Legacy
A fixed sum of money, property, shares or other specific gift made explicit at the time of writing a will.
Residuary Legacy
The residue of the estate or a percentage of the residue, which is remaining after all debts, expenses and legacies have been paid. This allow the value of the gift to stay in proportion to the size of your estate.
Reversionary Legacy
You leave the benefit of your estate for a person during their lifetime, and the charity inherits the donation after the death of that person. This type of legacy protects the needs of your immediate beneficiaries during their lifetime and the charity is the ultimate beneficiary.
For a confidential discussion on Legacy Gifts, please contact Anna Moon, Chair, on 01865 798666 or email ocf@oxfordshire.org
