On 25th July, renowned lexicographer Susie Dent introduced us to her word of the day: ‘willanthropy’. This beautiful term encapsulates the act of leaving a gift to charity in your Will. As estate planning professionals at A.D.E Wills, we’ve witnessed firsthand the profound impact these charitable legacies can have, honouring a person’s values long after they’ve departed.
Understanding Willanthropy
Willanthropy goes beyond a clever play on words. It represents a powerful way to create lasting change and support causes close to your heart. When you include a charitable gift in your Will, you’re not just planning for your loved ones’ future – you’re investing in society’s betterment.
Many people assume that only the wealthy can engage in charitable giving through Wills. However, gifts of any size can make a significant difference. Whether you choose to leave a fixed sum, a percentage of your estate, or a specific item, your contribution can help charities continue their vital work.
The Impact of Willanthropy
We cannot overstate the importance of willanthropy. Many local and national charities heavily rely on gifts left in Wills to sustain their operations and expand their reach. These donations often form a substantial part of a charity’s income, thus allowing them to plan for the future with greater confidence.
By becoming a willanthropist, you’re not just supporting a cause – you’re creating a legacy. Your gift could fund groundbreaking research, provide essential services to those in need, or protect our environment for future generations. Consequently, the ripple effect of your generosity can extend far beyond your lifetime, touching countless lives in ways you might never have imagined.
Benefits of Charitable Giving in Your Will
Including a charity in your Will doesn’t just benefit the causes you care about – it can also advantage your estate. In the UK, leaving a gift to charity can reduce the amount of inheritance tax your estate may have to pay. Moreover, if you leave at least 10% of your net estate to charity, the inheritance tax rate on the rest of your estate can drop from 40% to 36%.
Yet, the benefits extend beyond the financial realm. Many of our clients report a deep sense of satisfaction knowing that their hard-earned assets will continue to make a positive difference in the world. Therefore, it’s a way to ensure that your values and the causes you’ve supported during your lifetime continue to be championed even after you’re gone.
How to Become a Willanthropist
Becoming a willanthropist involves a thoughtful process that deserves careful consideration. To guide you, consider these steps:
Firstly, reflect on your values and the causes that matter most to you. Think about the issues you’ve supported during your lifetime or new areas you’d like to impact.
Next, research charities that align with your values. Look into their work, their impact, and how they use donations.
Then, discuss your intentions with your family. While not obligatory, this can help prevent misunderstandings and may even inspire your loved ones to consider charitable giving themselves.
Finally, consult with a professional Will writer. They can help you navigate the legal aspects of including a charity in your Will and ensure your wishes are clearly expressed.
At A.D.E Wills, we’re proud members of the Remember A Charity Campaign Supporter Scheme. Consequently, we’re committed to discussing charitable giving options with our clients during the Will writing process. We firmly believe in the power of willanthropy to create positive change and support important causes.
Your Next Steps
Incorporating charitable giving into your Will is a powerful way to leave a lasting legacy. Whether it’s a small gift or a larger bequest, your willanthropy can significantly impact causes you care about.
If you’re ready to discuss including charitable legacies in your Will, we’re here to guide you through the process. Our team at A.D.E Wills has extensive experience in crafting Wills that reflect your values and wishes, including charitable giving.
Don’t hesitate to reach out to us. You can call us on 01865 507174 or email us at info@adewills.co.uk. We’re eager to help you create a Will that not only protects your loved ones but also leaves a lasting, positive impact on the world.
Disclaimer
This article provides general information and should not be construed as legal advice. Every individual’s situation is unique, and laws can change. For specific advice tailored to your circumstances, please consult with a qualified legal professional.
