Reports from various sources, including the BBC, over the last few days have covered the Charity Aid Foundation survey indicating that in the current year 58% of UK adults have given to a charity. That is an increase from the previous year of 2%. Income from donations stands at about £11billion. However due to inflation that figure is effectively worth about £900m less than the amount given in 2007 / 8.
In contrast to the 58% adults giving during their lifetime only about 7% actually leave a legacy to charity in their will. Bearing in mind only about 40% of the population get round to making a will anyway, you can see that that figure is dramatically reduced. It seems absurd that at the very time that we no longer require our money, and having given to charity during our lifetime, we don’t leave a legacy to charity in our will. Whilst there should never be any influence or pressure as to how you leave your estate, drafting your will is a fantastic opportunity to consider your favoured charity. There are also potential inheritance tax benefits from doing so.
Hart Brown has recently signed up to “Remember a Charity in your will”, a charity created to remind people to at least consider their favoured charity at the appropriate time.
The discrepancy between those supporting charities during their lifetime and those leaving a legacy through their will is astounding. Why on earth wouldn’t we leave a legacy to our favourite charity in our will? …and, as they say at Remember a Charity, “Help the work live on”.
