Charitable giving in wills is a practice that has gained significant traction in recent years. According to a 2022 study, one in four wills written by solicitors and professionals now include a charitable component. In this blog post, we will explore the benefits of charitable donations in wills and how solicitors play a crucial role in facilitating this process.
There are many benefits associated with charitable donations in wills. These include:
- Leaving a lasting legacy
One of the primary benefits of charitable giving in wills is the opportunity to leave a lasting legacy. By including a charitable donation in your will, you can ensure that your values and beliefs continue to have an impact long after you are gone. This act of generosity allows you to support causes and organisations that are close to your heart, providing a positive influence on society.
- Tax benefits
Charitable donations in wills can also offer significant tax benefits. Bequests made to registered charities are exempt from inheritance tax, reducing the tax burden on your estate. By consulting with a solicitor, you can navigate the complex tax regulations and ensure your charitable donation maximises the benefits for both your estate and your chosen charity/charities.
- Fulfilling philanthropic goals
For many individuals, philanthropy is an important part of their lives. Incorporating charitable giving in their wills allows individuals to support causes that align with their passions and values, making a meaningful difference in the lives of others.
Seeking the advice of a Private Client Solicitor can go a long way to ensuring your charitable intentions are carried through. As experts in wills and probate, we can provide valuable guidance on the legal requirements and formalities involved in including a charitable donation in your will. This ensures that your intentions are clearly expressed and legally binding, minimising the risk of disputes or challenges.
Charitable giving can also be included in Lasting Powers of Attorney. Whilst there is no obligation for your attorneys to make ongoing donations to your chosen charities, an expression of your wishes makes your intentions clear regarding how you would like your money to be directed, should you no longer have the mental capacity to make such decisions.
Charitable giving in wills offers a number of benefits, including leaving a lasting legacy, tax advantages, and the fulfilment of philanthropic goals. Solicitors play a crucial role in this process, providing legal expertise, helping identify suitable charities, and ensuring compliance with legal requirements. By consulting a solicitor, you can navigate the complexities of charitable giving in wills and ensure that your charitable intentions are fulfilled, making a lasting impact on the causes you care about.
Please contact Jill Waddington today to discuss making a will or any other aspect of planning your future.
Supporting Charitable Giving – Francis House Children’s Hospice
O’Donnell Solicitors have been supporting Francis House Children’s Hospice during their Make a Will campaign in 2023. For more information on the charity and how you can support them by making a gift to Francis House, visit their website.