Those of you keen to leave a gift to a charity of your choosing after you die should make sure that you make mention of this to your professional estate planning expert when seeking will writing advice so that you know your wishes will be followed to the letter when you’re no longer here.
Leaving such gifts is fast becoming very popular, it seems, with new research from Remember a Charity revealing that 40 per cent of people over the age of 40 now say they’d be happy to do this, up from the 35 per cent saying the same back in 2008.
In 2008, the majority of those asked said they believed it was better to donate money when you’re alive than leaving a legacy (63 per cent), while 72 per cent said that close relatives have a right to the majority of someone’s estate. Now, these views are held by 47 per cent and 41 per cent respectively.
“We’ve seen a real shift in attitudes in recent years with the public indicating that they are more open to the concept of legacy giving and this is a positive sign for the years ahead.
“While legacy income will inevitably fluctuate to reflect wider economic trends, the public’s propensity to give is the key driving factor for market growth. This poll suggests not only that the public is more willing to leave a gift, but that they have a clearer understanding of legacy giving and think people should be free to do what they want with their estates,” director Rob Cope said.
Some 70 per cent of survey respondents did feel, however, that people should let their children know if they intend to leave a reasonable amount of money to a charity. Interestingly, just 26 per cent said they thought their family would object to them leaving a charitable gift, down from the 31 per cent seen in 2008.
Whether you want to leave a gift or not, having a will in place will give you peace of mind that your property and possessions will be divided as you see fit, as well as lifting some of the burdens of bereavement from your friends and family. You could also look into setting up a lasting power of attorney, granted to a person of your choosing, at the same time.
There are all sorts of benefits to drafting a will, including tax efficiency, guardianship of any children, tax planning, setting out funeral arrangements, easing the burden for loved ones in mourning, passing on possessions and gifts, detailing your funeral arrangements and choosing how your estate will be shared. If you’d like to find out more, get in touch with us today.