Legacies for charities are important for helping to fund the excellent work that charities do, not only in the UK, but also on a more international basis. Laura Richardson’s latest article recognises how the COVID-19 pandemic has served to cause so many charities in the UK to struggle and how you could help them through the provision of legacies for charities in your Will.
The COVID-19 pandemic has had a drastic impact on charities in Braintree and across the UK making the need for legacies for charities all the more important. A survey by Pro Bono Economics in 2020 reported that 94% of charities they approached had seen a negative impact on their financial status due to the COVID-19 pandemic. Furthermore, nearly 6000 charities were forced to close by June 2020 due to a lack of funds to continue operating.
The pandemic has adversely affected, and in some cases eliminated, the many income streams that charities rely on in order to be able to continue to provide vital services and support to communities, families, and individuals across the UK. Many charities have seen dramatic drops in income through retail outlets, fewer public donations, and a lack of fundraising activities, all of which have forced many charities to begin to cut services.
What’s more, nationwide charities such as Macmillan Cancer, Shelter, Barnardo’s, Oxfam and Help for Heroes have all publicly reported increased demand for services alongside a cut in financial support, creating an even larger deficit of required funds if they are to continue.
One way in which you can support charities is by leaving a gift to a charity of your choice within your Will. The good news is that by leaving legacies for charities in your Will, the gift is exempt from Inheritance Tax so you can ensure that your chosen charity will receive 100% of your donation. If you would like a charity to benefit from your Estate there are three main ways in which to leave a legacy to a charity:
- Gift a fixed sum of money.
- Gift a share of your Estate. This could be a share of your entire Estate or a share of the remainder of your estate that is left once your family and loved ones have received their provision.
- Gift a particular item such as an antique, some jewelry, or a property.
If you would like to leave gifts by way of legacies for charities within your Will or if you would like to discuss your options further, please contact Andrew Douglas Wills & Legal Services. Whether you would like to write your first Will or amend your existing Will, Andrew Douglas Wills & Legal Services are currently operating a fully remote service to protect our staff and clients throughout the COVID-19 Pandemic. For further information or to arrange a free initial consultation, ask about our popular “Wills through a window” service! Whether in Braintree, Essex or across the UK we welcome your call.
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