Why Charitable Gifts in Wills Are More Important Than Ever

Are you writing your will and not sure if you want to leave some of it to your favourite cause? It may be the case that you’ve long supported a charity, and as you write your last will, you may want to know if it will really make an impact if you leave assets or money to charity. The answer is yes; gifts left to charities in wills are known as bequests and have many benefits for both the charity and for you as the donor.

If you want to know exactly how and why it’s still important to leave gifts in wills, then read on and, hopefully, by the end of this article, you’ll see how you can make a difference.

Creating a Legacy

The main reason why people leave donations in their will is so they can be sure that, even after they’re gone, their values will live on and be supported. It’s a powerful way to ensure that the causes that mattered to you are still getting your help after you’ve passed away.

Indeed, even a small amount of money can lead to long-term benefits. For example, if you wanted to leave money to Macmillan, this could be used to educate people about cancer, as well as go towards research. So, be sure to look up Macmillan how to leave a gift in a will if this is a charity you support. In many cases, if you donate money in your will to charity, you’ll get a remembrance page on the charity website or you may have part of a campaign named after you; now that’s a great way to be remembered!

Providing Critical Funding 

It’s often believed that charities are rolling in money, whereas in reality, they often rely on bequests to help fund their work. If you aim to put a planned gift for a charity in your will, you can help them to continue their work and will be assisting them in future projects. Also, by leaving money to a charity, you’re showcasing that you believe in their work, which will help the charity to stay afloat and will serve as evidence that they’re still relevant. This can help them to get access to government funding.

Tax Benefits

If you make a charitable gift through a will, it can provide tax benefits to your remaining estate. It’s often the case that bequests are exempt from taxes, which helps to reduce the inheritance tax on the estate and will also ensure that your other beneficiaries have their inheritance increased. This helps the cause and will keep your kids happy, so it’s a win-win!

Encouraging Philanthropy

Research has shown that when a family member leaves money in their will to a charity, their family may also become interested in the charity and will start to consider the importance of giving back. So, on a wider scale, leaving money to a charity in your will may inspire your family to do the same or they may start to volunteer for the charity, and will carry on your philanthropy.

Author Bio:

Lizzie Reynell-O’Brien graduated with an MSc in Clinical Psychology from Goldsmiths University and started her small writing company Just Write in 2018, writing solely about mental health diagnostics in the NHS. She is passionate about writing as an art form, and when she’s not typing, you will find her walking her 2 rescue Jack Russell’s or in her garden planting wildflowers.