This year’s ‘Update Your Will Week’ (3 – 9 March), promoted by the Association of Lifetime Lawyers (ALL) is a useful reminder of the important role legacies continue to play in many charities’ fundraising efforts. The 2023/24 UK Legacy Fundraising Market Review reported that legacy income has continued to grow year on year in spite of the sluggish economy and political uncertainty that have dogged the last few years. But it is not just the charities that benefit - many of us have cause to be very grateful for what charities have done for us or our family members – and even our pets – and Update Your Will Week is the perfect opportunity to give something back.
Make a will to leave a legacy
If you have decided to leave a donation to those charitable causes that are dear to your heart, setting out your wishes clearly in a will is the only way you can guarantee that your chosen charities will receive any bequests you make. Of course, you could rely on your beneficiaries to donate on your behalf if you have told them – or set out in a letter of wishes - that you want to support a particular charity, such as a hospice or cancer care, but they will be under no obligation to do so.
Many charities perform an essential service for many people at the moment and it is entirely natural to want to help them continue their good work if they have helped you. A properly drafted will makes this process very straightforward and makes your intentions crystal clear for the executors of your will.
You can specify where you want your assets to go
It is a well-worn – and overused – truism but death comes to us all eventually. If you have a will, have you reviewed it recently and if so, does it still accord with your wishes? If not, now is the time to update it so that it reflects your current circumstances. If you haven’t updated your will your assets will not necessarily go to the people you would like to have benefited, and your favourite charity may well miss out. More worryingly, if you haven’t yet got round to writing your will, your assets will be distributed according to a strict hierarchy of relatives in accordance with the rules of intestacy - and your favoured charity will receive nothing.
As an aside, it is worth noting that charitable bequests can confer a considerable tax advantage; whatever you bequeath to charity is deducted from your estate before it is assessed for Inheritance Tax, and if you leave 10% of your total estate to charity, any assets over the current £325,000 IHT threshold will be taxed at 36% as opposed to the standard rate of 40%.
Fifteen reasons to make a will
We know from experience that most people are aware that making a will is a sensible thing to do yet never quite get round to it. And they are not alone – Co-op Legal Services’ research, carried out in November 2024, discovered that only 28% of UK adults have a will, with 50% believing that they do not need one. Admittedly, this is rather less than the 49% of adults who responded in the affirmative to Canada Life’s question about wills in March 2024 but, regardless, neither figure is anywhere near the number of adults who are eligible to make a will.
We have outlined fifteen reasons why you should make a will and, if you already have one, why you should review it at least every five years (and more frequently after a major live event such as buying a house, starting a family or getting divorced).
How a Lifetime Lawyer can help
Siobhan Sibley has been advising clients on wills, LPAs and estate and trust administration for many years. She has been an ALL lawyer since January 2023 and is also a member of the Society of Trust and Estate Practitioners (STEP) having completed her STEP Diploma in Trusts and Estates with distinction. Siobhan can advise you on the best way of structuring your will so that you protect those most important to you and leave a legacy to those charities that mean the most to you. Using a will to state your wishes clearly will ultimately help to lighten the emotional and administrative burden on your family.
Siobhan would be delighted to speak to you about updating your will, in the strictest confidence. Please do not hesitate to get in touch.
The information provided in this article is provided for general information purposes only, and does not provide definitive advice. It does not amount to legal or other professional advice and so you should not rely on any information contained here as if it were such advice.
Wright Hassall does not accept any responsibility for any loss which may arise from reliance on any information published here. Definitive advice can only be given with full knowledge of all relevant facts. If you need such advice please contact a member of our professional staff.
The information published across our Knowledge Base is correct at the time of going to press.
