This is the message from this year’s “Remember a Charity Week” run by Remember a Charity.
Remember a Charity estimates that legacies in Wills are worth approximately £2 billion a year to charities across the UK. In fact for some they are the biggest source of income, without which they would not be able to continue their work.
Other statistics show that while 74% of the UK population support charities during their lifetime, only 6% leave a charity a gift in their Will.
Remember a Charity is itself a charitable organisation made up of 140 charities. Their key aims are:
· Raising awareness and relevance among the Will-writing public.
· Making “charitable prompting” the standard practice among solicitors and Will-writers.
· Influencing a climate for successful charitable Will-giving by working in partnership with individuals, government and private sector organisations.
· Helping the charity sector to become more effective at promoting gifts in Wills.
When helping a client to formulate their wishes, I would always ask whether they wish to leave anything to a charity or to charities. Many people don’t realise how even small legacies in Wills can add up. Charities can be included as a beneficiary to receive a set amount, or they can be named to receive a share or all of an estate, or the residue once other gifts are paid out. A further incentive is that including specific provisions when adding a charity to your Will can in cases some save Inheritance Tax.
For more information about Remember a Charity and the Wills week visit their website.
If you require any information on Wills, charitable gifts, estate planning or dealing with an estate including charitable provisions please contact me. I am an Associate in our Private Client team with experience in this area and I will be more than happy to assist you.
Image by Julian Mason under a Creative Commons Licence