A gift left to charity in a Will is called a charitable legacy, and is a vital source of fundraising for charities both in the UK and worldwide. Business data from Co-op Legal Services has revealed that during the past 12 months the financial value of charitable gifts included in Wills has increased by 30%.
To encourage people to leave charitable legacies in their Wills, Co-op Legal Services has partnered with Remember a Charity for the sixth year running. More information can be found by visiting the Remember a Charity website.
Director of Remember a Charity, Rob Cope, commented:
"It's great to see that Co-op Legal Services is continuing to support our campaign, driving legacy giving forward on behalf of our charities. Gifts in Wills – whether financial or not – are the lifeblood of so many vital services that are provided by charities all over the UK."
Tips for Leaving a Gift to Charity in Your Will
Co-op Legal Services' Head of Wills, Solicitor James Antoniou, shares his 5 top tips on leaving a gift to charity in your Will.
1. There are no set rules to follow when choosing which charity or charities to benefit. Typically though, people are either passionate about a particular cause or they have been impacted either directly or indirectly in some way by the charity.
2. Generally a gift to charity in a Will is exempt from Inheritance Tax. However, it's important to ensure that the charity is a qualifying charity. This can be confirmed by asking the charity for their tax exempt reference number.
3. It's possible to leave anything you own to charity including your property, land, shares or a specific item such as an item of jewellery or a piece of art for example. If you would like the charity to use the inheritance for a particular purpose then you should discuss this with them in advance to make sure it's feasible.
4. There's no limit on how many charities you can leave a gift to in your Will. However it is important to consider which items or the amount of money you would like each charity to receive.
5. Visit the Charity Commission's website for a full list of all charities registered in England and Wales.
How to Make a Will
At Co-op Legal Services, we make Will writing easy. For initial advice and guidance, call our Will writing advisors on 0330 134 9962 or contact us online. You can also start your Will online. Our specialist Will writing team can discuss your wishes, answer questions, offer guidance and draft a Will that's specifically tailored to your circumstances.
For initial advice about making a Will call our Will writers on 03306069591 or contact us online and we will help you.