Leaving estate to charity question

FlorayG

I did my will a few months ago and left a few things to people then 'the bulk of my estate' to a charity. A thought just occurred - my 'estate' consists mostly of a (paid for) house and a decent car. Does the charity get the actual house and car, or do the executors sell them and give the charity the money? I never thought to ask the solicitor when I did the will 
(I don't really care, I will be dead, but I'm just curious)

p00hsticks

It depends on the wording of the will - often there is something specified after specific gifts are made that effectively tells the executors to liquidate the remaining assets, pay off any debts and then distribute the residue.... 

Bear in mind that by the time you die you may not own either that house or car, which is why the advice is to try to avoid mentioning specific items as far as possible. 

Marcon

FlorayG said:

I did my will a few months ago and left a few things to people then 'the bulk of my estate' to a charity. A thought just occurred - my 'estate' consists mostly of a (paid for) house and a decent car. Does the charity get the actual house and car, or do the executors sell them and give the charity the money? I never thought to ask the solicitor when I did the will 
(I don't really care, I will be dead, but I'm just curious)

Read your will! Have you left them 'the proceeds of..' (or some such wording) or the actual possessions? If the latter, they won't thank you for it. Charities don't often have the wish or the resources to become car salesmen, or unwilling sellers of property. Much easier for everyone if your executors are responsible for liquidating your assets with the resulting cash being paid over to the charity.

katejo

FlorayG said:

I did my will a few months ago and left a few things to people then 'the bulk of my estate' to a charity. A thought just occurred - my 'estate' consists mostly of a (paid for) house and a decent car. Does the charity get the actual house and car, or do the executors sell them and give the charity the money? I never thought to ask the solicitor when I did the will 
(I don't really care, I will be dead, but I'm just curious)

I am in the process of doing my will and I was asked about whether I wanted to gift the house (or proceeds from its sale).

p00hsticks

katejo said:

FlorayG said:

I did my will a few months ago and left a few things to people then 'the bulk of my estate' to a charity. A thought just occurred - my 'estate' consists mostly of a (paid for) house and a decent car. Does the charity get the actual house and car, or do the executors sell them and give the charity the money? I never thought to ask the solicitor when I did the will 
(I don't really care, I will be dead, but I'm just curious)

I am in the process of doing my will and I was asked about whether I wanted to gift the house (or proceeds from its sale).

The issue with giving a particular house to someone in a will is that at the time of writing the will the house may form the largest part of your estate ,but by the time you die, you may have downsized or sold it to go into care, and then whoever you intended to be a major beneficiary at the time of writing the will is potentially left with nothing. 

Far better to just say that any assets be sold and the proceeds left to whoever 

FlorayG

but you don't have to name 'the house' you can say " I gift this and this to X and the residue of my estate to Y" which might include a house.
Anyway I did check and it says my estate to be liquidated by my executor. But presumably you can leave a gift of an 'item' to a charity if you want to?

Marcon

FlorayG said:

but you don't have to name 'the house' you can say " I gift this and this to X and the residue of my estate to Y" which might include a house.
Anyway I did check and it says my estate to be liquidated by my executor. But presumably you can leave a gift of an 'item' to a charity if you want to?

Yes, if you specify that in your will - but check first if the charity actually wants it.

Savvy_Sue

Marcon said:

FlorayG said:

but you don't have to name 'the house' you can say " I gift this and this to X and the residue of my estate to Y" which might include a house.
Anyway I did check and it says my estate to be liquidated by my executor. But presumably you can leave a gift of an 'item' to a charity if you want to?

Yes, if you specify that in your will - but check first if the charity actually wants it.

And remember there's a potential problem if you dispose of the Rembrandt before you die, or it can't be found after your death.

TripleH

Charities do receive property (homes or land).

They usually sell that property to release the money although should the charity assist homeless people or victims of domestic violence, they may put the property to other uses depending on location.

When bequeathed to a charity, you can specify if your gift is restricted (can only be used to finance research/for the primary purpose of the charity or it will be classed as unrestricted and can be used for the day to day running costs (such as helping finance fund raising, advertising etc).