September 11th – 17th is Remember a Charity in your Will Week.
Why should you?
According to Remember a Charity, although 35% of people intend to leave something to charity in their Wills, only 6.3% of the public turn this positive intention to give through their Will. Despite this, legacy income is currently worth more than £2.5 billion a year to good causes, representing 12% of all voluntary income. Imagine the charities who could benefit if more people carried out their intentions.
Are there any tax implications that you need to consider?
Leaving gifts to charities in your Will are exempt from Inheritance Tax, and leaving more than 10% of your net estate to charity means that your estate would benefit from a reduced rate of Inheritance Tax at 36%.
As a trustee of Myton Hospice, I see first-hand the benefits that donations, including legacies and shares of estates, can have on a charity. Without this support and fundraising all charities would suffer from reduced funding and need to find money from elsewhere or cut their services.
If you have ever thought about benefiting a charity at all, now is a good time to do it. The charities of your choice can receive specific sums of money or shares of your estate, any amount however small or large will always help someone in need. You can also support any charity including local or national, big or small, or even specific branches or areas within that charity.
If there is a charity close to your heart that you would wish to leave a gift to after your death, then this can be incorporated within your Will. If you would like more information or assistance, please contact our Private Client department on 01327 350266.