If you don’t have a Will that deals with your estate, 2020 may be the year that you contact Will solicitors in Epsom and make one. It’s important to have this document in place so that your wishes can be enacted after your death.
One thing that some people consider is leaving some of their inheritance to a charity that’s close to their hearts.
According to research from organisation Remember A Charity, more people than ever are choosing to leave a charitable donation in their Will. The organisation revealed that some 20 per cent of the Wills advisers deal with each year now contain a charity bequest. That has increased from 16 per cent in 2012.
In its research, the organisation also found that a growing number of solicitors are discussing charitable giving with their clients when they make their Will. 68 per cent of solicitors or Will-writers told the survey that they always or sometimes proactively raise the concept of charity bequests.
That is also an increase from the 2012 survey, when 58 per cent of solicitors or Will-writers reported proactively discussing legacy giving with their clients.
Almost one-quarter of those questioned said that they occasionally raise the subject with their clients.
Director of Remember A Charity Rob Cope commented: “Increasingly, advisers now see discussions about gifts in Wills as part and parcel of offering a comprehensive service to clients.”
He added that in the majority of cases, people want to look after their friends and family first, which is something that the organisation and the solicitors it speaks to encourage. However, he pointed out that talking about the idea of legacy giving with clients when they’re writing a Will can “make a huge difference to the number of people that choose to give in this way”.
The advisers who said that they often or always talk about legacy giving with their clients revealed that they typically do so to alert their clients to the tax breaks associated with charitable giving.
Any donation in a Will is exempt from inheritance tax, for instance, and any estate where ten per cent or more of the value is donated to charity sees a lower rate of inheritance tax applied (36 per cent instead of 40 per cent).
Of course, leaving a legacy in your will is entirely your choice and it’s one that you may want to discuss with your family before you make a final decision. However, getting the advice of your local solicitor could help you understand your options and the benefits of leaving a donation in your Will.
An article for What Investment recently looked at why more people don’t include a charity donation in their Wills. It cited research which found that nearly ten per cent of Brits don’t realise that this is possible.
Interestingly, it also found that 55 per cent of Brits would prefer to donate to a local charity, but aren’t aware that they can because they’ve only seen campaigns about legacy giving for large, national charities.