- On June 27, 2019
The financial value of gifts to charity through Wills has risen by more than 30% in the last year, new research has revealed.
Even though some 68% of UK adults have not yet written a Will, giving to charity is increasingly a priority for those that have.
The survey of more than 30,000 people about life planning by Co-op Legal Services shows that cancer, animal and poverty charities are the most popular beneficiaries.
Animal charities in particular have risen in popularity, with almost a quarter (23%) of all legacy gifts being given to them. This is a rise of 10% in the last 12 months.
Aside from cash, houses, land, paintings and music collections are among the items that have been left to charities across the UK.
James Antoniou, Head of Wills for Co-op Legal Services, said: “There is certainly still a desire for clients to leave charitable gifts of all types in Wills, for a variety of personal reasons and this is something that the 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.
“We’re delighted to be partnering with the annual Remember A Charity event once again, as we continue to progress with our shared aim to make will writing and considering leaving a gift to charity the social norm.”
The top ten charities to gift to are:
- Cancer charities
- Animal charities
- Poverty and homelessness
- Local causes / community
- International charities
- Children’s charities
- Rescue organisations
- Religious causes
- Help for the elderly
Aside from the obvious benefits to society, in most cases a gift to charity in someone’s will be exempt from Inheritance Tax (IHT) as long as the charity is registered as tax exempt.
Also, if you leave at least 10% of the value of your estate in your Will, you can cut the IHT rate on the rest of your estate from 40% to 36%.
Gifts left in Wills are vital to charities, with Cancer Research UK stating it remains its single biggest source of fundraising income.