Making a Will is one of the most important decisions you will ever make. Ensuring your family is provided for after you’re gone should be a priority for most of us.
But after taking care of family and friends, have you considered supporting your favourite
charity in your Will?
It’s a common myth that only the rich and famous leave money to charity when they die. This couldn’t be further from the truth. The reality is that without gifts left in Wills by people like you, many of the charities we know and support wouldn’t even exist.
While 74% of the UK population support charities, only 7% currently leave a legacy to them when making a Will.
Gifts in Wills are incredibly important to UK charities. Without this income they would have to cut services and many would simply not exist. Did you know that two out of three guide dogs and six out of ten lifeboat launches are paid for by gifts in Wills, as is over a third of Cancer Research UK’s life-saving work.
Gifts in Wills are the equivalent of almost 19 Comic Reliefs appeals each year, so if you choose to leave some money in your Will to a charity as well as your family, you could be making a huge difference to your favourite cause.
Reasons for leaving a legacy are varied. Many support a chosen charity by fundraising or donating during their lifetime, and wish to continue giving after they’ve gone. Some have a family member who has benefitted from the work of a particular charity, and others are simply inspired by a cause which shares their lifelong goals and values. Whatever the reason; by leaving money in your Will you are making a lasting contribution.
Diana Alcaraz, supporter and ambassador of the RNLI, was inspired to leave a gift in her Will to the charity because of their support for her late husband Paul:
“When I told the RNLI I had left them a gift they were immensely grateful. It has brought me closer to the charity and I have formed a strong, ongoing relationship with them.
I decided to leave a charitable legacy a long time ago and completed the process once I was sure the children had secure futures. When I told my children of my decision they happily accepted and supported my wishes and reasons. The process of leaving a charitable gift was also very easy. I simply added it when I made a new will”.
A donation can be as large or small as you like. However much you choose to leave, your gift will always have an impact. Leaving a gift in your Will is also a tax-efficient way to give.
It’s a little known fact that there is no inheritance tax payable on gifts to charities in Wills – this means you can rest assured that the whole gift will go towards the charity close to your heart.
If the 7% of the population leaving a legacy were to increase by 4%, we would generate an additional £1 billion for good causes in the UK every year – making a considerable difference that you could play a part in.
Find out more about how to leave a gift in your Will at Remember A Charity’s website.