Leaving a Legacy: Gifting to Charity through your Will
Posted Jan 09, 2020.
With Christmas not far behind us, many of us will have been busy considering what gifts our friends and loved ones would have appreciated under their tree on the 25th. With this spirit of giving and gifting fresh in mind, a recent survey commissioned by not for profit organisation Remember a Charity is certainly very timely.
Remember a Charity is a consortium of various charities, government bodies and private sector businesses that is encouraging individuals to considering leaving part of their estate to charity in their will. The not for profit consortium has developed partnerships with solicitors and professionals in who provide will writing services throughout the UK and their independent survey has indicated that discussions about leaving a charitable legacy through a have significantly increased.
More Proactive Will Writing Professionals
Following their ‘Remember A Charity in your Will Week Campaign’ earlier this year, the survey shows that 7 in 10 solicitors and will writing professionals are discussing charitable bequests as part of their standard advice to clients, with less than 1 in 10 saying that they never mention this alternative. In comparison, five years ago, only half of solicitors surveyed were proactively discussing this option. The results also showed 1 in 5 of all wills now include an element of charitable bequest, and in the past year almost 9 out of 10 law firms say that they had helped execute estates that contained a charitable contribution. In commenting on the survey, Remember a Charity director Rob Cope said:
“Over the years, we’ve seen a marked change in the way that advisers are approaching gifts in Wills with clients. Legacy giving is becoming more common across the client base, and there’s much less reticence when it comes to raising the topic of charitable giving…The consortium recognises the key role that advisers play in normalising legacy giving and raising vital funding for good causes annually, with research from the Behavioural Insights Team demonstrating that referencing the option with clients can double the proportion of those that go on to leave a gift… Increasingly, advisers now see discussions about gifts in Wills as part and parcel of offering a comprehensive service to clients. In most cases, clients will want to look after friends and family first – and that’s something we’d encourage. But a simple question asking all Will-writing clients if they’d like to consider leaving a donation too can make a huge difference to the number of people that choose to give in this way.”
Tax Advantages in Wills
In addition to the ‘feel good’ factor associated with charitable bequests, 7 in 10 will writing solicitors are also keen to discuss with their clients the beneficial tax implications involved. Under the current regulations, a legacy gift to charity is currently exempt from Inheritance Tax and a lower rate of tax of 36% also applies is to estates where 10% or more is donated this way. Remember A Charity is also planning on developing a range of technical, support and overview documents designed to aid solicitors and their clients in providing ‘best practice’ advice.
Estate Planning and Will Writing Advice
Bakers Solicitors offer you a complete, easy to understand will writing and estate planning service. No two wills are exactly the same and your will shall be tailored for you and what you want. We will listen to you, understand your wishes and concerns and advise you on your options during the will writing and estate planning process.
We then draft your will, always making sure that it is accurate and appropriate for your needs and wishes. We ensure that your will is correctly signed and witnessed, and can offer a safe and secure will storage facility too.
Making your will with Bakers Solicitors is easy, convenient, fast and rewarding. Don’t put it off any longer. Call now on (01252) 744637 and speak to Simon, our Estate Planning Manager, or email email@example.com