Leave a Legacy To Charity in your Will
We would like to encourage you first and foremost to make a Will, and to update it regularly. Writing a Will helps secure the future of the people you love and could save them significant trouble and expense in the future.
After providing for your family and loved ones, we would also like to encourage you to consider leaving money to charity in your will. Our supporters who have made legacy donations have made a huge difference over the years.
Writing a Will is a simple process and need not be expensive. We have offered some guidance in the form of a set of FAQs on how to leave a legacy in a Will as well as a six step guide to writing a Will.
Frequently asked questions
Why should I write a Will? Making a Will – and updating it regularly – is the only way to make sure your wishes are carried out after your death, giving you peace of mind that you can continue to support the family, friends and causes you love. If you don’t make a valid Will, your loved ones could face significant stress and expense after your death, and you risk your estate going to the state. Writing a Will is part of being good stewards of what we have been given; this lies at the heart of our work at Five Talents.
Can I write my own Will? Although it is possible to write your own Will, we advise you see a solicitor when writing or amending your Will to ensure that your wishes are made legally binding.
How do I find a solicitor? If you do not have a solicitor, ask local family or friends for recommendations or use the Law Society’s database.
How much will it cost? Many people worry about the expense of writing a Will, but it’s a good investment in your family’s future. Costs usually start from around £100 plus VAT for a simple Will. Comparative costs can be obtained easily by phoning a few solicitors in your area.
What if I have already written a Will? It is important to keep your Will updated to reflect any major changes in your life such as marriage, bereavement, divorce or the birth of a child or grandchild. It is good practice to review your Will every five years.
If you would like to add Five Talents to your Will it is possible to do so by making an official alteration known as a codicil. This is simple and will ensure that any changes are legally binding. A codicil form can be downloaded here. To adapt an existing Will, complete the codicil in the presence of two witnesses and show it to your solicitor. The witnesses must not stand to benefit in any way from your Will.
What is a legacy in a will? Leaving a legacy to charity can take a number of different forms:
- Residual legacy: This is how you leave a percentage of your remaining estate to charity after all other commitments have been made.
- Pecuniary legacy: This is the gift of a specific amount from your estate.
- Specific legacy: This is the same as a pecuniary legacy but also includes information about where you would like the legacy to come from, for example, which bank account.
A residual legacy is protected from inflation and is therefore the best way to ensure that your gift retains its value.
Are there any tax benefits? Leaving money to charity in your will is extremely tax efficient: all charitable gifts are exempt of inheritance tax.
If your estate is valued above the current inheritance tax threshold it is possible that you may be entitled to a reduced tax rate as the result of a charitable donation. It is important to check what this threshold is at the time of writing your Will. For more information visit the HMRC website.
Can I leave a gift in my Will to fund a specific project? You can, and we would be glad to discuss some options with you. However, if you are considering planned giving, we recommend that you leave your gift for ‘general charitable purposes’.
Specific projects we are running now may not still be the most urgent areas of need when we receive your gift. Leaving a gift for general charitable purposes allows us to use the money where the need is greatest at that time.
Can I encourage people to give to Five Talents instead of giving flowers at my funeral?
Yes! This is another great way of supporting charities you care about. It’s estimated that around £100 million a year is raised for charities in this way. If you like this sound of this, you can ask your solicitor to include this in your Will.