If you’re thinking of writing a will, do you know you’re not limited to leaving money to family and friends?
You might automatically think of leaving assets to, for example, your spouse, children or grandchildren, but there’s no reason you can’t bequeath wealth to a good cause too – perhaps a charity that works for a cause you’re passionate about.
More and more people are choosing to take up this option, with figures from Smee and Ford showing that last year, almost 16 per cent of the wills it processed included a gift to charity.
The total value of charitable estates reached £21.3 billion – a record high and well above its earlier prediction of £20 billion. Meanwhile, the number of individual bequests within charitable estates granted probate in 2022 was also the highest it has ever seen – reaching 123,298.
And as Smee and Ford notes, some charities have still not reported their final accounts to the Charity Commission, which means the final legacy income figure for 2022 could be much higher. In fact, the organisation has made what it describes as a “conservative estimate” of around £3.5 billion.
Allan Freeman, Chair of Remember A Charity, has described the figures as “hugely encouraging”, particularly given “today’s volatile economic environment”.
“Gifts in Wills continue to be a significant and vital source of income for UK charities,” he said.
“More and more fundraisers tell us that legacy income is what’s enabling them to continue delivering services.”
So if this is an option you’d be keen to explore, where do you start?
Well, you should first think about what particular causes mean a lot to you. Perhaps you feel emergency services that rely on volunteers, such as the RNLI, could benefit from a bit of extra cash. Maybe you’re a massive animal lover, in which case you might think of leaving money to a local or national animal charity.
Has a local hospice cared for a loved one? If so, what better way to say thank you and make sure other people also get the same valuable care in the future.
The options are endless, but one thing is for sure – whichever charity receives a share of your estate will warmly appreciate the gift, and it will be hugely valuable in helping them continue with their good work.
It’s also worth pointing out that you can leave as much or as little to your chosen charity as you desire, so you could still leave the bulk of your wealth to your surviving family members.
You can also leave money to more than one good cause. Just make sure the details of the organisations you want to support are clearly laid out in your will, so there’s no ambiguity and confusion over your wishes.
If you have any questions about planning your inheritance and writing a will, please don’t hesitate to get in touch.
We’ll be happy to speak with you and help you make sure that your last wishes are fulfilled.
This document is solely for information purposes and nothing in this document is intended to constitute advice or a recommendation. You should not make any investment decisions based on its content.
Omnium Wealth Management is a trading name of Omnium Capital Limited, which is authorised and regulated by the Financial Conduct Authority. Registered office: Bourne House, Queen Street, Gomshall, GU5 9LY. Registered in England: 4375284
The Financial Conduct Authority does not regulate tax advice or wills.