Remember A Charity In Your Will Week 2018
This week Tollers are participating in ‘Remember a Charity in your Will Week’ from the 10th-16th September. The aim of the week is to encourage people to consider the option of leaving a charitable legacy in their Wills and also to raise awareness of the benefits of leaving gifts to charity when you die.
A Will is a legal document which sets out your wishes for your property and possessions when you die. There are multiple benefits to having a Will:
- Peace of mind – your Will ensures your property and possessions go exactly where you would like them to go. Having a Will also avoids unnecessary stress and uncertainty for your representatives and beneficiaries which is common when a deceased person’s wishes are unknown or unclear.
- Protection – your Will can appoint guardians for your children if they are under eighteen when you pass away. Without this, the authorities may be faced with making this decision for you.
- Money-saving – your Will can be utilised to make savings with regards to Inheritance Tax. Charitable donations can also have an effect on this.
Whilst there are many more benefits, it is important to note that a well-drafted Will allows for flexibility in the future. Your financial or family situation may change and it is important to review your Will when such changes arise. It is strongly recommended that you have your Will drafted by a legal professional in order to avoid unnecessary errors and complications for your executors in the future and to best protect your loved ones.
Leaving a gift to charity in your will
Gifts left to charities in Wills are the foundation of most of Britain’s charities and generate over £2billion each year in total. Without these donations, lots of the charitable services we rely on would cease to exist or be able to operate. There are also financial and emotional benefits to leaving a gift or gifts to charity in your will.
Why leave a gift in your will?
Many of us will experience periods in our lives where a charity has provided support to you or your family and friends. Leaving a gift to a charity that has helped you personally or simply one you admire, not only acts as a thank you but also allows that particular charity to continue their work and help other people.
An example of a charity largely dependent on donations made through peoples Wills is Cancer Research UK, a charity close to many people’s hearts. Over a third of all their funding is generated by legacy gifts in Wills. This shows just how important these gifts are to even the largest of charities.
If you would like any advice on creating a Will or updating an existing Will Talk to Tollers.