Why leave a gift to charity in your Will?
Including a charitable gift in a Will is a meaningful way to leave a lasting impact and support causes close to one's heart. This gesture can be motivated by various personal, financial, and ethical reasons. Here are some reasons you might wish to leave a gift to a charity in your Will:
1. Supporting a cause you care about
Many people have causes that they are passionate about, such as medical research, animal welfare, education, or environmental conservation. By leaving a gift to a charity, you can continue to support these causes even after their passing.
2. Leaving a legacy
A charitable gift in a Will allows you to leave a legacy that reflects your values and commitments. It’s a way to be remembered for contributing to something meaningful and making a positive difference in the world.
3. Financial benefits
Leaving a gift to charity in a Will can also offer financial benefits. In the UK, charitable donations made through a Will can reduce the inheritance tax on the estate. Gifts to UK-registered charities are exempt from inheritance tax, and if 10% or more of the estate is left to charity, the inheritance tax rate on the remaining estate is reduced from 40% to 36%.
4. Making a difference
Many people find satisfaction in knowing that their gift will have a lasting impact. Charitable bequests provide essential funding for charities, enabling them to continue their work and expand their reach.
Legacies are a vital source income to the charity sector, generating over £3 billion for good causes each year.
6 out of 10 RNLI rescue launches would not be possible without gifts in Wills
Nearly two out of every three guide dogs are funded by legacies.
Cancer Research UK, one of the largest beneficiaries of charitable legacies, received 33% of its income from gifts left in Wills.
5. Personal fulfilment
For some, giving to charity provides personal fulfilment and a sense of purpose. It can be a comforting thought to know that you will continue to contribute to the betterment of society even after you are gone.
Leaving a gift to charity in a Will is a powerful way to support causes you care about, create a lasting legacy, and potentially benefit from financial advantages. With a significant portion of UK charities' income coming from legacies, these gifts play a vital role in enabling charitable organisations to continue their essential work.
Whether driven by personal values, the desire to make a difference, or the wish to reduce inheritance tax, leaving a charitable gift in your Will can ensure that your legacy lives on in a meaningful and impactful way.
What will your legacy be?
To organise a relaxed chat about estate planning and inheritance planning, please don’t hesitate to get in touch. Call 0117 3636 212 or email office@haroldstephens.co.uk