Now or leave in a will?

Mick888

Hi all,
I was going to leave some money in my will to a couple of charities but I'm now thinking I can afford to give the money to them now.
Whats best?
Thanks

elsien

Depends how much money you’re talking about, and how likely you are to need it in the future?

Mick888

elsien said:

Depends how much money you’re talking about, and how likely you are to need it in the future?

I was thinking more about any financial implications/tax etc.
Thanks

lookbook

Mick888 said:

elsien said:

Depends how much money you’re talking about, and how likely you are to need it in the future?

I was thinking more about any financial implications/tax etc.
Thanks

OK. But what if you need the original money?  The charity won't refund you. 

Flugelhorn

If the charity get it now then may they can gift aid on it 

Savvy_Sue

If you're a higher rate taxpayer, and you definitely don't have any foreseeable need for the money, do it now.

you'll get a small amount of tax back.

there's no reason not to do it now, and saves your executor a job.

Is your estate likely to have to pay Inheritance Tax?

Mick888

Thanks for all replies.

Undervalued

Mick888 said:

Hi all,
I was going to leave some money in my will to a couple of charities but I'm now thinking I can afford to give the money to them now.
Whats best?
Thanks

Never leave a charity a percentage of your estate if other bequests are to friends or family!

There have been lots of cases of charities scrutinising everything in great detail to maximise their share and causing the family and executors no end of grief.

By all means leave the charity a fixed amount, or even your whole estate, if that is what you want to do.