Would you leave a gift to charity in your Will?
Prompted by Blake Morgan's involvement in Remember a Charity week, there has been a lot of lively discussion in the office about the number of people who leave a gift to charity in their Wills, and what prompts an individual to leave a charitable legacy.
Remember a Charity has over 160 member charities, with the aim of encouraging more people to consider leaving a charitable gift in their Will, once they’ve looked after their family and friends. Their current target is to increase the number of Wills that include a charitable legacy to 16% by 2018.
Blake Morgan supported Remember a Charity week in a variety of ways, but the polls we ran during the week gave some interesting results.
Our survey said…
We also asked our Twitter followers for their views on charity legacies. The results of our polls showed that:
- 33% had already made provision for a charity, and 67% intended to include a charitable legacy in their Will
- 70% said would leave a fixed sum of money to a charity, and 6% said they would leave a percentage of their estate
- 50% said they would benefit a charity that they were associated with, and 50% said they would leave a charitable gift for feel good reasons
It is really encouraging to see such a high percentage saying that they intended to leave a legacy to charity, and this is great news for charities across the country.
Adding a legacy to an existing Will is usually straightforward, and can often be done by way of a Codicil rather than a brand new Will. If you haven't already put a Will in place, we would strongly encourage you to do so. You should then discuss your charitable wishes with the person who is drafting your Will to ensure it gives effect to your wishes. Gifts to charity are exempt from inheritance tax. There can also be tax advantages if you choose to leave 10% or more of your estate to charity.
Blake Morgan also supported Remember a Charity week by promoting the initiative on social media and to local press which led to Alison Craggs, one of our Wills experts in Oxford, being interviewed on BBC Radio Oxford. Our Southampton office seized the opportunity to help their office charity, Minstead Training Trust, by offering a discount on Wills or Codicils in return for clients making a minimum recommended donation to the charity from the fees waived.
For further information or to make an appointment to make or change a Will, please contact a member of the Blake Morgan succession and tax team.