If you are considering leaving a gift in Will to a small children's cancer charity, please consider supporting Mitchell's Miracles.
Why should I make a will?
Updating an existing Will to include a gift to charity
If you want to leave a gift to our charity but you’ve already made a Will, that’s no problem as there are a couple of ways you can change it.
1. Write a new Will
The simplest way is to write a new Will. Once written, any Wills made by that person in the past become void. In fact, most Wills will start by reciting that you’re writing a Will and that you’re revoking previous Wills.
The other way is to write a codicil, which is a document used to make changes to an existing Will.
It’s used as a way to make simple amendments like adding a charity, changing a gift amount or adding an executor. This is all quite straightforward but problems can occur if you ever want to cancel the Will in the future.
When you cancel a Will that contains a codicil, the codicil does not get cancelled automatically, so when you write a new Will it can create inconsistencies and legal problems. To avoid this, make sure that any new Will clearly states that you are revoking all Wills and codicils previously made.
Will leaving a legacy affect my inheritance tax liability?
Gifts to charities in your will are generally exempt from inheritance tax. If you leave a charitable gift it will be deducted from your estate before inheritance tax liability is calculated.