Remember a Charity Week: 5 - 11 September 2022
Record levels of charity donors say they have included a gift to charity into their Will or are preparing to do so.
That's according to the latest consumer tracking study* carried out by the organisation Remember a Charity, which says that annual tracking indicates a steady increase over the past decade.
Remember a Charity Week is intended to prompt a discussion about the part charities can play in some instances when preparing a Will or considering charitable giving more widely.
An ageing population is believed to be one contributory factor for increased charitable giving, as many people who inherit from their parents are now aged over 40 and may have already established themselves on the property ladder or be financially stable, so they may have less need of a sizeable inheritance.
Inheritance tax reduction can be a consideration too. Gifts to UK charities are exempt from inheritance tax and a reduced rate of inheritance tax may to your estate if your charitable giving represents more than 10% of your whole estate.
Other reasons speak straight from the heart. Remember a Charity confirms that many people choose to leave a gift to a charity that was important to a loved one, in order to keep their memory alive.
Rob Cope, Director of Remember a Charity says:
"There's still a misconception amongst many that you have to be wealthy to write a charity into your Will or that you can't leave a gift if you want to take care of your family and friends."
The organisation is clear that every gift to charity, however large or small, represents both an important source of income for that charity but also a meaningful support for its goals. The message from charities is that, no gift is too small.
As expert advisers, aside from the reasons already mentioned, the discussion around charitable giving raises an important point about substitute gifts when making a Will. The art of drafting a Will derives from good planning. We encourage our clients to consider a 'Plan B' and even a 'Plan C', in case their 'Plan' should fail. Charities can often play an important part in those discussions and provide peace of mind that a chosen charity will benefit ultimately as a longstop beneficiary, if necessary.
*Study carried out by nfpSynergy according to Remember a Charity.
For specialist advice on the inclusion of a charity in your Will, tax mitigation, lifetime giving or on making a Will more generally please contact Leila Goodarzi on 07909 682 364, or complete the form below.