- On September 17, 2019
MILLIONS of pounds could be generated for charities across the UK by a new initiative launched by Family Estate Planning’s (FEP) partner company.
Countrywide Tax & Trust Corporation is to introduce new prompts about charitable giving – also known as legacy giving – into its Will-writing software.
This means that Wills written with Family Estate Planning, which are among the 60,000 created in association with Countrywide each year, will ensure clients are aware they have the option of leaving a gift in their Will and to ask for donations to charity in lieu of flowers at their funeral.
Charlotte Ponder, Legal Director for Countrywide Tax & Trust Corporation Ltd, said: “We know how important charitable bequests are to charities, funding vital services across the country.
“Many of our clients want to benefit causes close to their heart and, with generous tax breaks available for those who leave a legacy, it is so important that we highlight the options to them.
“We hope that simple changes to our Will-writing software could help inspire countless gifts and enable people to pass on something wonderful to future generations by leaving a gift in their Will.”
Countrywide Tax & Trust Corporation Ltd is part of a network of more than 1,300 solicitors and Will writing professionals who support Remember A Charity, agreeing to provide information about legacy giving and the relevant tax breaks to clients.
Charlotte added: “Asking for donations to charity in lieu of flowers at a funeral is another option growing in popularity amongst clients, and again we have made some simple changes to ensure that this option is presented to every client a Will is written for using our software.”
Apart from the obvious benefits to society that giving money to charity has, these gifts can also help reduce the Inheritance Tax (IHT) liability on your estate.
By leaving at least 10% of the value of your estate to charity, you reduce the rate of tax on the rest of your assets from 40% to 36%, assuming the charity is registered as tax exempt.
For affordable Will writing in Wokingham, Trusts, Lasting Powers of Attorney, Inheritance Tax mitigation and all aspects of estate planning, please email email@example.com or call Andy on 07984 013533 for an informal chat.