Types of legacy
There are three main ways in which you can leave Children 1st a legacy in your will:
After all other bequests, taxes and debts have been paid you leave the remainder of your estate or ‘residue’ to Children 1st.
You leave a gift of personal possessions such as land, buildings, furniture, jewellery, stocks and shares or antiques.
However, as legacies left to charities are exempt from this tax, leaving a gift to Children 1st in your will can help you minimise any inheritance tax liability.
Also, from 6 April 2012, if you leave 10% or more of your estate to a charity, you’ll be taxed at a lower rate (36% rather than 40%) on any part of your estate that qualifies for inheritance tax.