9-15 September is Remember A Charity Week
Gifts in Wills are a critical source of funding for charitable services across the country, raising £3 billion a year for good causes9/9/19
Remember a Charity Week aims to encourage people to leave money to charity in their will as even a small donation can have a massive impact. The organisation www.rememberacharity.org.uk was formed in 2000 as a consortium of charities working to encourage more people to leave a legacy donation in their Will. The campaign works with Government, the legal profession and employers to help develop the most positive legacy environment, working to the ultimate goal of making legacy giving a social norm.
Gifts in Wills are a critical source of funding for charitable services across the country, raising more than £3 billion for good causes annually. They fund two out of three guide dogs, 6 out of 10 RNLI lifeboat rescue launches and almost a third of Macmillan’s income!
Has a charity made a difference to you or someone you care about?
Gifts in Wills are vital for charities to continue their important work. In fact, many charities wouldn’t exist without them. Most people, however, simply aren’t aware of this form of giving.
There can also be a misconception that only extremely wealthy people leave money to charity, but even a small donation can have a massive impact.
Family and friends first
While the priority is making sure family and friends are taken care of first, a Will can also offer the opportunity to leave a thank-you gift to a favourite charity.
Many of this country’s best-loved charities wouldn’t exist without gifts left in wills by people like you. After taking care of family and friends, leaving even a small gift can achieve big things. And it’s much simpler than you think.
Inheritance Tax benefits
Aside from supporting your favourite charity’s work, there are also financial benefits to leaving part of your estate to charity. The inheritance tax threshold is currently £325,000 – doubling to £650,000 if you have a partner – but leaving money to charity can be a way of reducing how much of your estate ends up with HMRC. Not only will any portion left to charity not count towards the total taxable value of your estate, but if you leave at least 10 per cent of your net estate to charity then you can cut the rate of inheritance tax you pay from 40 per cent to 36 per cent.
Who to give to
Think about the things that have played a really important part in your life, and the causes and charities that you think are doing particularly great work which should continue and be protected for the future.
You may have a specific charity in mind that you’d like to donate to. Alternatively, the Remember A Charity website allows you to search by location or type of cause from more than 200 charities it collaborates with.
74% of the British public support a charity during their lifetime, however, only 6.3% will include a favourite cause in their Will, if you find yourself needing help or advice on anything related to gifts or wills in general, please do get in touch.
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