Record number of adults plan to leave charitable legacy, study reveals
A record number of adults are planning to write a gift to charity in their Will or have already done so, a major study has revealed.
The research, published by nfpSynergy, found that almost one in five (17 per cent) adults over the age of 40 with a Will have included a gift to charity.
Meanwhile, a further one in 10 (10 per cent) plan to do so in the near future.
The findings mean that now 27 per cent of adults aged 40 and over have left or intend to leave a gift in their will, compared to just 21 per cent in 2010.
While legacy giving is vital for charities which rely on such donations, leaving a gift in a Will also offers generous tax breaks. Your donation will be taken off the value of your estate before Inheritance Tax (IHT) is calculated and will reduce the IHT rate to 36% from 40%, providing 10 per cent or more of your estate is left to charity.
Commenting on the study, Rob Cope, director of Remember A Charity, an organisation that encourages charitable giving in Wills, said: “We’re continuing to see growth in legacy giving over the long term, which is fantastic news for charities across the sector.
“It’s clear that there’s a real appetite for supporters to do something meaningful for good causes at the end of their lives, and that charities are communicating legacies well; creatively and sensitively, demonstrating how important they are in funding vital services.”
For help and advice on related later life planning issues, please get in touch with our expert team today.
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