With charities at the heart of our society, the importance of public generosity is paramount in allowing their vital work to continue. In 2021, more than £3 billion was left to good causes in wills. With fundraising hit hard by the covid-19 pandemic and the economic climate, it is more important than ever to leave a lasting gift.
Why Leave a Gift to a Charity in Your Will?
Gifts in wills make up around 30% of a charity’s income allowing them to reach vulnerable people, complete vital research, or perform essential services. Without these gifts left in wills, many charities would struggle to survive.
Not only can you support the work a charity does and play a part in helping countless people, but you can also benefit from reduced inheritance tax. A gift to a charity is free from inheritance tax and if you leave more than 10% of your estate to a charity, then the total amount of inheritance tax you pay is reduced from 40% to 36%. This reduction of inheritance tax means leaving more to charity can mean the charity receives a larger sum and the other beneficiaries still receive the same amount or more.
Can I Leave a Small Amount?
Any size donation will make a huge difference to the cause you care about. See our table below to see how small donations can provide essential support and services:
|Stroke||£29||Someone to talk to and receive emotional support needed to begin to rebuild their life after stroke.|
|NSPCC||£10||Can help pay towards training Childline volunteer counsellors to respond to children who are feeling suicidal.|
|Cancer Research UK||£30||Help improve treatments for patients with lung cancer by covering the cost of a trial for a day.|
|British Heart Foundation||£20||Provide an hour of vital support from a Helpline Cardiac Nurse.|
|Sightsavers||£8||Could pay for trachoma operations to stop two people going blind.|
The more you leave to charity, however, the bigger difference you make.
How Do I Leave a Gift to Charity in My Will?
If a charity has made a difference to you or someone you care about, our highly regarded and friendly solicitors can assist you in writing this into your will.
There are two ways you can leave money to a charity in your Will. You can either specify a named charity or charities that will benefit, or you can let the trustees of your will decide.
The gift you leave can be in the form of a cash sum, a property or asset or a share, or the whole of your residuary estate.
As long as you make reasonable provision for any financial dependents you may have, it is up to you to decide how much you would like to leave to charity.
If you would like to discuss any points in this article further or are looking for legal advice relating to donating to a charity in your will, please contact Spire Solicitors LLP on 01603 677077.