We’re a nation of givers! As Co-op Legal Services latest business data reveals the number of gifts being left to charity has increased by over 18%* in the last 12 months, with pledges in wills having an estimated value of £51m.
To mark Remember A Charity Week (10th – 16th September 2023) Co-op Legal Services is urging people to take a moment to consider leaving a gift to a charity in their Will, after looking after family and friends. Gifts left in wills are vital to charities, Cancer Research UK stating it remains its largest single source of income for the charity.**
Co-op Legal Services’ business data, based on thousands of wills, highlights that clients are leaving gifts most frequently to charities that tackle cancer, rescue and animal charities have risen in popularity within the last 12 months.
Top 5 charity categories Co-op Legal Services’ clients have chosen to leave gifts to are as follows: 1. Cancer charities 2. Rescue charities 3. Humanitarian causes 4. Animal charities 5. Children charities
However, Co-op Legal Services’ business data reveals that it isn’t just money that’s left to charity, people also choose to give more personal items to charitable causes. Generous supporters have left a range of interesting items to charities of their choice, including, Bee keeping equipment, stamp collections, a collection of Trombones and bird watching equipment.
James Antoniou, Head of Estate Planning for Co-op Legal Services said: “There is certainly still a strong desire for clients to leave charitable gifts of all types in wills for a variety of personal reasons and this is something that charities heavily rely on. We work with a number of large and smaller charities offering affordable will writing services to their supporters to make this possible.”
Top 5 things people need to know when leaving a gift to charity in a will, according to Co-op Legal Services Head of Estate Planning James Antoniou:
What should you consider when choosing a charity? “There are no set rules to follow when choosing which charity or charities a person would like to benefit in their will. 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’’
Are consumers taxed on the money they leave to charity? “Generally speaking, a gift to charity in someone’s will is exempt from Inheritance Tax. However, anyone considering doing it needs to ensure that the charity is a qualifying charity. This can be confirmed by asking the charity for their tax exempt reference number.’’
Is it just money that can be left to charity or can other personal belongings be left instead? “It’s possible to leave anything that’s in a person’s estate to a charity including their 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.’’
How many charities can someone leave a gift to? “There isn’t a limit on the number of charities a person can leave a gift in their will to. However it is important to consider which items or the amount of money they would like to give to each charity.’’
Is there a set list of charities which people need to choose from? “Anyone thinking about leaving a gift to charity in their will can visit the Charity Commission’s website for a full list of all charities registered in England and Wales.’’
