This week saw the beginning of this year’s ‘Remember a Charity in your Will Week’. This is a charity-led initiative which aims to encourage people to leave a legacy in their will to a charity that they support.
Charities rely heavily on legacies given in wills to continue the incredible work they do. In 2019, over 10% of the total amount donated to charity in the UK came from will donations! Currently, 6% of people leave a donation to charity in their will. We hope that, with growing awareness and initiatives such as ‘Remember a Charity’, more people will be encouraged to do the same. If, together, we are able to increase this figure to 10%, this could mean an extra £1 Billion each year for great and worthy causes!
There are many reasons one might decide to leave a donation to Charity in their will:
Personal Affiliation
Many choose to leave a gift to charity in their will because of the support it has shown them or a loved one, or because it is a cause close to their heart. There are over 170,000 registered charities in the UK working hard to make a difference where it is needed most. Whether it be a large charity or a smaller independent charity who has inspired you, leaving a legacy gift to them in your will provides a great opportunity to show support.
Tax Benefits
Besides supporting the charity, leaving a charity legacy in your will can also financially benefit your own loved ones when you die. Leaving a gift to charity in your will can potentially reduce the amount of Inheritance Tax (IHT) owed by your estate. Charity donations are exempt from IHT, irrespective of their value. In addition, if a gift to charity left in a will meets certain conditions it could trigger a reduced rate of IHT to be paid on the taxable estate from 40% to 36%. A veritable win-win!
Cost of Living Crisis
The current cost of living crisis has, understandably, encouraged charity benefactors to cut back on or discontinue their charitable donations. Leaving a donation to charity in your will is a great way to give back if you don’t have the means to do so during your lifetime. This way, you can ensure your loved ones are provided for whilst leaving something to a good cause.
If you would like to show your support to a charity which is close to your heart or whose mission you find admirable, please consider making a donation in your will. Every donation, no matter how small, makes a momentous difference.
For more information, please visit www.rememberacharity.org.uk or contact our office on 01244 312 306 or at wills@oliverandco.co.uk to discuss amending your will to include a charity donation today.
‘Alone we can do so little; together we can do so much.’ – Hellen Keller
