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Ideas for leaving my money

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zico
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Ideas for leaving my money

#442494

Postby zico » September 15th, 2021, 2:38 pm

My wife and I will be updating our wills soon. Very small family, nobody that needs our money or support, all our friends are financial OK, so any suggestions about where to leave our money when we're gone? Would consider overseas (non-Afghanistan) charities, humans not animals.

redsturgeon
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Re: Ideas for leaving my money

#442501

Postby redsturgeon » September 15th, 2021, 2:50 pm

zico wrote:My wife and I will be updating our wills soon. Very small family, nobody that needs our money or support, all our friends are financial OK, so any suggestions about where to leave our money when we're gone? Would consider overseas (non-Afghanistan) charities, humans not animals.


This is a very interesting question and I feel one that is so personal that anyone else's suggestions may not be that valuable.

My one point would be to perhaps consider spending some of the money on charitable causes near to your hearts while you are still alive, that way you get to see the results for yourself and perhaps some of the recipients get to see you too.

John

pje16
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Re: Ideas for leaving my money

#442506

Postby pje16 » September 15th, 2021, 2:56 pm

I going to leave a chunks of mine to the 2 hospitals
that fixed me when I was 5 and 55 years later saved me :D

kiloran
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Re: Ideas for leaving my money

#442517

Postby kiloran » September 15th, 2021, 3:22 pm

Mainly local charities, though I also have MacMillan as a national exception

--kiloran

staffordian
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Re: Ideas for leaving my money

#442521

Postby staffordian » September 15th, 2021, 3:35 pm

zico wrote:My wife and I will be updating our wills soon. Very small family, nobody that needs our money or support, all our friends are financial OK, so any suggestions about where to leave our money when we're gone? Would consider overseas (non-Afghanistan) charities, humans not animals.

Just the usual reminder that unless you really detest your executors, then don't leave specific percentage amounts to the big charities :)

Midsmartin
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Re: Ideas for leaving my money

#442523

Postby Midsmartin » September 15th, 2021, 3:38 pm

My thinking (different from yours perhaps) is that the best way to help humans is to protect the environment. Much human suffering will occur if we don't address climate change, overpopulation, aquifer depletion, insect collapse, soil erosion, general pollution etc. Leaving to environmental causes is the best way to help humans.

Having said that, I have hospices maybe on my list too, having been so impressed with the services they provide when I've had the misfortune to have to deal with them.

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Re: Ideas for leaving my money

#442552

Postby AWOL » September 15th, 2021, 4:46 pm

zico wrote:My wife and I will be updating our wills soon. Very small family, nobody that needs our money or support, all our friends are financial OK, so any suggestions about where to leave our money when we're gone? Would consider overseas (non-Afghanistan) charities, humans not animals.


https://www.autism.org.uk/ would be my choice but people usually have personal reasons for favouring a charity. The smaller ones and less visible causes are often most in need of help.

Clariman
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Re: Ideas for leaving my money

#442565

Postby Clariman » September 15th, 2021, 5:19 pm

I think it is a very personal thing, but how refreshing to read a thread on this site which is about giving away money to good causes rather than hanging on to it.

Thanks
C

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Re: Ideas for leaving my money

#442602

Postby stevensfo » September 15th, 2021, 6:52 pm

zico wrote:My wife and I will be updating our wills soon. Very small family, nobody that needs our money or support, all our friends are financial OK, so any suggestions about where to leave our money when we're gone? Would consider overseas (non-Afghanistan) charities, humans not animals.


No idea how much you're talking about, but assuming a significant 'pot', could you perhaps set up a trust where the money would be invested and provide an annual grant for some worthy cause. e.g. Help with tuition fees for a worthy student from a poor family, disabled student etc? The annual 'Zico award for....' would ensure a continuing source of income and bring you fame - albeit posthumous. ;)

I believe there are quite a lot of awards and grants that work in this way. I'm thinking of a 'Steve's Malt Whisky appreciation award' myself. 8-)

Steve

scrumpyjack
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Re: Ideas for leaving my money

#442604

Postby scrumpyjack » September 15th, 2021, 7:04 pm

stevensfo wrote:
zico wrote:My wife and I will be updating our wills soon. Very small family, nobody that needs our money or support, all our friends are financial OK, so any suggestions about where to leave our money when we're gone? Would consider overseas (non-Afghanistan) charities, humans not animals.


No idea how much you're talking about, but assuming a significant 'pot', could you perhaps set up a trust where the money would be invested and provide an annual grant for some worthy cause. e.g. Help with tuition fees for a worthy student from a poor family, disabled student etc? The annual 'Zico award for....' would ensure a continuing source of income and bring you fame - albeit posthumous. ;)

I believe there are quite a lot of awards and grants that work in this way. I'm thinking of a 'Steve's Malt Whisky appreciation award' myself. 8-)

Steve


It's a nice idea but is increasingly difficult to do with all the requirements the Charity Commission impose on the way charities are set up, run and administered no doubt with the best of intentions.

88V8
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Re: Ideas for leaving my money

#442611

Postby 88V8 » September 15th, 2021, 7:18 pm

zico wrote:...any suggestions about where to leave our money when we're gone?

Woodlands Trust https://www.woodlandtrust.org.uk/... Population Matters https://populationmatters.org/... The Wildlife Trusts https://www.wildlifetrusts.org/.

Hopefully academic for a long time.....

V8

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Re: Ideas for leaving my money

#442617

Postby CliffEdge » September 15th, 2021, 7:35 pm

Keith Owen set up a fund benefitting multiple causes in the Sid valley. Administered by the Sid vale association.

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Re: Ideas for leaving my money

#442619

Postby Dod101 » September 15th, 2021, 7:43 pm

I am in no doubt that medical charities are the way to go. I am leaving in my Will enough to bring my IHT charge down to 36% on the chargeable amount by doing that. No animals and I am not convinced in the least by some local charity(s) They tend to be run in my experience by the Chairman or his sidekick for his personal interests, and of course he will change. That is my argument to myself anyway about leaving money to the likes of an institutional medical charity such as Diabetes UK and Myeloma UK, two with whom I have a particular interest, but there are many others.

Dod

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Re: Ideas for leaving my money

#442622

Postby JohnB » September 15th, 2021, 8:00 pm

There are websites that allow you to enter your profile and suggest charities that will give you the biggest bang for your buck. They generall spend money in the third world, for obvious reasons.

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Re: Ideas for leaving my money

#442627

Postby jackdaww » September 15th, 2021, 8:24 pm

Clariman wrote:I think it is a very personal thing, but how refreshing to read a thread on this site which is about giving away money to good causes rather than hanging on to it.

Thanks
C


=====================

i'm hanging on to mine....

:lol:

pje16
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Re: Ideas for leaving my money

#442633

Postby pje16 » September 15th, 2021, 8:55 pm

jackdaww wrote:i'm hanging on to mine....
:lol:

As you've worked out how to take it to the "next world"
do let us all know :lol:

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Re: Ideas for leaving my money

#442641

Postby Steffers0 » September 15th, 2021, 10:15 pm

staffordian wrote:Just the usual reminder that unless you really detest your executors, then don't leave specific percentage amounts to the big charities :)


I’m in the process of writing my will, hoping to leave a fair bit to two small charities. May I ask why you say this?

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Re: Ideas for leaving my money

#442643

Postby Lootman » September 15th, 2021, 10:21 pm

Steffers0 wrote:
staffordian wrote:Just the usual reminder that unless you really detest your executors, then don't leave specific percentage amounts to the big charities :)

I’m in the process of writing my will, hoping to leave a fair bit to two small charities. May I ask why you say this?

He is not suggesting that your will should not have legacies for charities. Only that those be for specific sums rather than percentages of the residue of the estate. Charities can be staggeringly aggressive about pursuing bequests that are percentages of the residue.

AsleepInYorkshire
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Re: Ideas for leaving my money

#442645

Postby AsleepInYorkshire » September 15th, 2021, 10:27 pm

zico wrote:My wife and I will be updating our wills soon. Very small family, nobody that needs our money or support, all our friends are financial OK, so any suggestions about where to leave our money when we're gone? Would consider overseas (non-Afghanistan) charities, humans not animals.

Children.

Children.

Children.

Charities for children. Hospitals for children.

Hope that floats your boat :)

AiY

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Re: Ideas for leaving my money

#442649

Postby staffordian » September 15th, 2021, 10:50 pm

Lootman wrote:
Steffers0 wrote:
staffordian wrote:Just the usual reminder that unless you really detest your executors, then don't leave specific percentage amounts to the big charities :)

I’m in the process of writing my will, hoping to leave a fair bit to two small charities. May I ask why you say this?

He is not suggesting that your will should not have legacies for charities. Only that those be for specific sums rather than percentages of the residue of the estate. Charities can be staggeringly aggressive about pursuing bequests that are percentages of the residue.

Exactly!

Leaving specific sums can be problematic as the value of the estate will inevitably not be what you might expect, especially if making a will when young, and death is (hopefully!) decades away.

I think a way to overcome this problem - avoiding the need to re-write the will every time you feel the amounts are unrealistic, is to give discretion in your will to the executors but refer to a letter expressing your wishes in terms of which charities you wish to bequeath money to, and the amounts to each. In this way, the vultures working for the large charities are unable to see, following probate, that you might be leaving money to them and they cannot harass to executors.

This thread covers the issues pretty well...

viewtopic.php?f=2&t=20172&start=20
Last edited by staffordian on September 15th, 2021, 11:01 pm, edited 1 time in total.


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