When you are sitting with a loved one who is drafting their Will, it can come as a bit of a surprise to learn that they want to leave money to a charity after they have passed.
Of course, if your relative has been an avid supporter of this charity for as long as you can remember, then it stands to reason that they may want to leave something behind for the charity, even if it is more than you imagined! However, many people leave gifts to charities in their Wills, who have not been active members of the charity, or engaged in any charity work.
It may not seem as common in modern times, but, according to research conducted by UK Giving and the Charities Aid Foundation (CAF), a whopping £10.7 billion was donated to charities in 2021. Yes, this was a reduction from the previous year, but it is surprising when you think about how much money that is! Charities, of course, rely on gifts being left to them in someone’s Will and it stands to reason that the majority of that £10.7 billion did come from legacy gifts.
So, why do people do this? What is it about giving to charity that is so appealing? Well, there are a myriad of reasons, and here, five reasons why someone may leave a charity donation in their Will shall be explored.
- They Support What The Charity Does
When it comes to leaving a legacy gift, the key reason why the majority of people do so is because they support what the charity does.
It stands to reason that if your loved one loves dogs, they will likely want to leave money for a dog’s home. Or, if they are a fan of keeping species of animals from going extinct, they will support a group like Save The Pangolins.
It has also been noted that if someone supports a charity throughout their life, with direct debits or regular donations, they are more likely to leave money to them in their Will.
- The Charity Has Helped Them or Someone That They Love
Of course, some charities help people who have illnesses or other concerns, which is why so many people seek to donate to these causes.
Indeed, suppose you have a relative who was diagnosed with cancer, multiple sclerosis, or another long-term illness. They would likely be referred to a charity specializing in this illness, who would then help with information and support. Or, the charity may have helped them to care for someone who was ill, and they want all that support to be rewarded after they pass away.
- They Want To Be Remembered
Many charities make sure that those who leave money in their Will are commemorated in one way or another.
In the instance of a dog’s home, it may be a plaque on the wall of the headquarters. Or, in the case of something like Cancer Research, it may be a page on the official website, dedicated to the person. Yes, your loved one will be remembered by you, but being remembered by many other people can bring a real sense of comfort.
- Inheritance Tax Reduction
People can leave three kinds of gifts to charities.
The first is a pecuniary gift, money, and the second is a specific legacy, which may be a valuable item that the charity can sell. Or, there is a residuary gift, which is left after all of the debts of the estate have been settled.
As charity gifts are tax-exempt, donating to a charity can reduce the amount of tax that is paid on any remaining assets, so you and your loved ones (or other beneficiaries) won’t have to worry about paying money or inheritance tax on anything that is left after a charity has received a legacy gift.
- Satisfaction
Lastly, there is simply the knowledge of the person who is writing the Will that they have done something good.
Indeed, research into people who donate to charities, either via giving coins or gifts via cards in the street, or those who donate via direct debits has found that these people report a higher level of satisfaction in their life, and themselves. So, if someone is writing their Will, or they are concerned that they will soon pass and they may want to feel good or better about the entire process, donating to a charity is a simple way that they can do that. It can also instil a sense of pride in their loved ones, which may also be something that they are looking for in their final days.
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