Willanthrophy

‘Willanthrophy’ is the act of leaving a gift to charity in your Will.

The Organisation ‘Remember a Charity’ reports that approximately £4 billion is donated to charity annually through bequests in Wills. Leaving a charitable gift in your Will not only supports a cause that is close to your heart but can also reduce the inheritance tax (IHT) burden on your estate.

Gifts to charities are completely exempt from IHT regardless of the value of the gift. An individual that leaves at least 10% of their estate to charity will be charged a reduced IHT rate of 36% rather than the standard rate of 40%.

Why do the gifts matter? We understand that family and friends do come first and should be provided for, but even a small donation left in your Will could make a huge difference for a Charity. Charitable bequests contribute to over 50% of British Heart Foundation’s funded lifesaving research. They fund 40% of the work carried out by Dogs Trust. A third of the work carried out by Cancer Research is funded by gifts left in Wills. Hospices are part funded by the NHS but rely heavily on donations and fundraising. Doctor Kershaw’s Hospice say: “by leaving a gift in your Will, you can help ensure we continue providing vital care and support to those who need us most!”

Anyone who would like to leave a gift from their estate to charity must have a Will in place to make sure their wishes are met. If you already have a Will in place, this should be checked periodically to ensure it remains in line with your wishes.

If you would like help in drafting your Will, or would like to now leave a charitable bequest, the team at Wrigley Claydon will be happy to help. Please call Rachel Damianou, Jyoti Patel, or Eleanor Heap on 0161 624 6811 option 3.