A prominent charity group is calling on UK families to leave behind charitable legacies in their Wills.
The calls come ahead of Remember A Charity Week – a campaign due to take place from Monday 10 September to Sunday 16 September 2018.
The annual event, which is spearheaded by a collaborative charity body of the same name, aims to raise awareness of the real difference families and individuals can make by leaving money to a charity in their Wills.
“Every gift, however large or small, has a big impact on charities in the UK and many would not survive without them,” the organisation says.
This year, Remember A Charity has partnered with 200 not-for-profit bodies, which will also be using the week as a springboard to launch the world’s first charity-powered search engine, which they have called Human.
While charities can benefit immensely from receiving generous donations in Wills, leaving behind a charitable legacy can also have fantastic benefits for families and individuals in terms of Inheritance Tax (IHT).
Under existing rules, gifts left to charities in Wills are IHT-free, while individuals who donate 10 per cent or more of their estate to a charity can benefit from paying a significantly reduced rate of IHT.
This is very important, as IHT is usually incurred at a hefty rate of 40 per cent on all estates valued at £325,000 or more.
Families should always seek specialist legal advice whenever drafting or updating a Will. To find out how our team can help, please get in touch today.