SPONSORED: Make a difference by leaving a gift in your Will
Gifts in Wills can be an important source of support for charities – but it’s also a great way to honour a cause that’s close to your heart.
As we get older, we have to think about what we want to happen when we’re no longer here. That includes where we want our assets to go.
After you’ve looked after your loved ones, leaving a gift in your Will to a charity is one option to consider.
And it could make all the difference to an organisation working to make the world a better place.
What do gifts in Wills mean for charities?
Annually, gifts in Wills raise £4billion for UK charities, according to FreeWills.co.uk, which accounts for 28% of all fundraised income for UK charities.
Around 12% of Wills include a gift to charity and this number is also forecasted to rise.
Whatever the size of this gift, the funds raised by these kinds of donations help charities continue their work and services.
Leaving a gift to a charity in your Will also has the added benefit of usually being exempt from Inheritance Tax (IHT). It’s also a great way to help support an organisation that is close to your heart for future generations.
What is a gift in a Will?
But what exactly does leaving a gift in your Will involve?
Your Will is a legal document that allows you to state what should happen to your assets (your money, property and possessions) after you pass away. You can also choose to give a charitable donation as part of your Will, sometimes referred to as leaving a gift in your Will or legacies.
There are three main types of gifts in Wills:
- A residuary legacy (you gift a percentage of your estate after all the other legacies have been made and debts cleared).
- A pecuniary legacy (a gift of a specified sum of money).
- A specific legacy (a particular item is gifted, such as property, antiques, jewellery and stocks).
How can you leave a gift in your Will?
If you decide that you would like to leave a gift in your Will, you can usually do so by making a simple addition to your existing Will. This is called a codicil. This supplement overwrites existing instructions without the need to revoke or rewrite the whole document.
However, if you don’t yet have a Will or if you want to rewrite your Will, you may wish to speak to a solicitor to make sure your wishes are honoured and reflected accurately.
With any matters regarding your Will, it is always advisable to seek professional legal advice.
How your gift could support a charity like Cats Protection
Gifts in Wills help to fund nearly half of Cats Protection’s vital work.
However much you give as a gift in your Will, your donation and support will mean the world to your chosen charity.
In the case of Cats Protection, the UK’s largest cat welfare charity, legacy giving of this nature helps to fund nearly half of its vital work.
For almost 100 years, Cats Protection has helped advocate for, rehome and care for cats across the UK. You can read just a few of Cats Protection’s heart-warming success stories here.
After you’ve taken care of your loved ones, a gift to Cats Protection in your Will could help the charity continue to make a better life for cats.
Here are just a few examples of the life-changing difference to cats that your support could make:
- A gift of £500 could feed 350 cats for a week
- £2750 could shelter unwanted cats for years to come in a new foster pen
- £10,000 left in your Will could rescue strays and take poorly cats to the vets in a new Cats Protection van
- £15,000 could neuter 300 cats, preventing thousands of unwanted kittens being born
- A larger gift could fund the opening of a centre, the set-up of a new branch or the opening of a shop to raise even more funds
If you want to leave a gift in your Will to Cats Protection, the charity offers a free will-writing service to help you get everything organised.
Find out more about leaving a gift in your Will to Cats Protection and how your support will make a better life for cats, because life is better with cats.
