Five reasons to leave a gift to charity in your Will
There are so many wonderful reasons to consider leaving a gift to charity in your Will. According to Remember a Charity week, almost 1 in 3 (31%) supporters aged 40+ with a Will have already included a charitable gift, and this rises to around half (49%) of those without children.
Here are a few reasons to consider joining them:
1. You’ll leave a positive impact on the world
Leaving a gift in your Will is a special and deeply personal way to support the causes you care about even after you’re able to do so directly.
Even a small gift can make a big difference and you’ll be helping your chosen charity to achieve their longer-term goals, such as a world where no-one dies of hunger.
Charities rely on gifts in Wills to ensure their vital work continues for future generations. In fact, gifts in Wills can make up to 29% of a charity’s income.
People who have pledged a gift often say that it’s the natural next step for the charities they support and is a great way to leave behind something truly wonderful.
Leaving a gift in your Will can also be a good way to remember a loved one who was passionate about a particular cause.
2. Giving makes us happier
Research shows that prosocial behaviour – and charitable giving in particular – improves self-reported wellbeing*.
In one study, researchers gave student participants a small sum of money. They were randomly assigned to either spend the money on themselves or on someone else. At the end of the day, those who had spent money on others reported being happier in the evening than those who spent it on themselves.
Giving feels good!
3. You’ll get tax benefits
Your gift will be taken off the value of your estate (your property, possessions and money) before Inheritance Tax is calculated. If 10% or more of your estate is left to charity, your Inheritance Tax rate may also be reduced.
4. It’s flexible and easy to do
You can choose to leave a fixed amount, a particular item or what’s left after other gifts are given out to family and friends. There are plenty of easy ways to make or amend a Will nowadays, and online options are an increasingly popular way to make a simple Will in as little as 20 or 30 minutes.
5. You’ll feel on top of your life admin
A Will might be one of the most important documents you’ll ever write. It may have been on your endless to-do list for some time. When you get a task like this done, it can reduce mental clutter and stress, improving overall wellbeing.