Windfall recipients 'should leave a gift to charity when making a will'

Those who have obtained substantial windfalls through lotteries should consider leaving money to charity when making a will, an expert has advised.
 
Piya Khanna, executive coach and founder of Changetosucceed.com, has highlighted the benefit that leaving money via a legacy can provide.
 
She suggested that this can also have the substantial benefit of reducing the inheritance tax payable on the testator's estate.
 
"I recommend [consulting] a financial advisor to receive thorough professional guidance on the options available before making any decisions," she added.
 
Ms Khanna highlighted the importance of checking that the organisation the person making a will is planning to leave money to is registered with HM Revenue and Customs as a charity for tax purposes.
 
She advised those looking for ideas on where to leave money to identify charities that resonate with them as individuals.
 
Recent research published by Remember A Charity has highlighted the fact that small, local charities are more likely to receive money left to them in a will than larger, nationally-recognised brands.

Published by Tessa Jones