A time for giving
Many people choose to leave a gift to a charity in their Will, often in memory of a loved one or in support of a cause they hold dear to them.
With a recent change in the tax law that allows a reduced rate of inheritance tax on estates where 10% or more of the estate is gifted to charity, it might be assumed that gifts to charity in Wills are on the increase.
There is no question that legacy giving is very important to charities and fundamental to their work according to the organization Remember a Charity which recently carried out research on charitable giving. Of those surveyed during the research, 35% wanted to leave money in their Will, but only 6.3% actually did so. Why is that? Why don’t people follow through on their intentions?
For many it may just be a case of ‘not getting round to changing the Will’ or simply forgetting about it at the time the Will is made. And so the matter of charitable giving is an important question anybody advising on a Will should ask.
If you’re interested in leaving a gift to charity there are various ways of dealing with it in your Will. You could leave a legacy of a specific amount to your chosen charity or charities or a percentage of your estate. And, if you cannot decide which charity you would like to benefit you can even leave the choice to be made by your executors.
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