Making a Will is the best way to ensure that friends, family and loved ones are taken care of after you pass. When writing a Will, we generally think of the obvious beneficiaries we would like to leave a gift to including family and friends, but have you also considered a favourite charity or good cause?
It is very likely that at some point during your life, you, or someone you love has been touched by a charity, perhaps when this was least expected. Maybe this was helping a friend, relative or loved one, or by supporting you directly. It could also be a charity that you have supported throughout your life possibly one that aligns with your heart and values. Charities play a fundamental role in creating a lasting change in society, and leaving a gift in your Will, it allows them to continue their amazing day-to-day work. Leaving a gift in your Will to charity, after taking care of family and friends, is a great way to pass on something wonderful for generations to come.
The campaign is run by Remember A Charity which brings together over 200 of the UK's favourite charities along with a number of partners including the Government and The Law Society. The aim is to help charities and good causes who rely on gifts left in Wills to continue their work into the future.
During this campaign, the organisation is working with the cult 80s TV characters, The Wombles. The Wombles are back to remind us all why leaving a gift in your Will to charity is the best gift of all. The use of the characters will help promote the message and the benefits of leaving a gift in your Will to a good cause. The organisation has created a video message featuring the characters:
Leaving a gift in your Will is a great way to give back, and has a number of benefits:
- Feeling good by giving
There is a huge amount of satisfaction knowing that you are supporting a cause close to your heart and leaving a legacy that aligns with your values in life.
- Help to continue the good work
Charities rely on donations to do some of the amazing things in our communities and throughout the world. Your gift will ensure that they can continue to deliver these amazing services.
- Inheritance tax benefits
If you make a gift to charity, there will be no inheritance tax to pay on the amount you give. If you leave more than 10% of your estate to a good cause, then the amount of inheritance tax reduces from 40% to 36% for your entire estate.
- Create a legacy for a loved one
Leaving a gift in your Will for charity is a great way to remember a loved one who may have been helped by a charity.
How do I leave a gift to charity in my Will?
If you already have a Will in place, then this can be amended at any point in time to take into account the gift you would like to leave. Please speak to us as we can advise on the best way to ensure your wishes are taken care of by making any necessary adjustments to your current Will.
If you don’t already have a Will then this is a great time to consider your finances, estate and what will happen after you pass. Our specialist team is on hand to advise and prepare a Will that meets your wishes.
Do I need to advise the charity I am leaving a gift?
It is advisable that you inform the charity about your intentions, with most larger charities having specific teams or departments that deal with legacy gifts. This will allow them to plan well ahead into the future and ensure they have the continued funding sources to help deliver their operations.
Should I inform other beneficiaries of the Will that I am giving to charity?
This is entirely your choice; however, it would be advisable as it may reduce any uncertainty or surprises further down the line, or after your passing.
For more information on Remember A Charity Week please click here to visit their campaign site. Don’t forget our Team is on hand to answer any questions you may have about your Will, and we can advise the best course of action to ensure your wishes are taken care of after you pass.