This Remember a Charity Week, Dementia UK Trustee Robert Orr, explains why he has added a gift to Dementia UK in his Will.
“Dementia UK is about the ‘here and now’ and it is the very immediate and practical improvements to people with dementia and carer’s lives which I like about the charity. I am passionate about the specialist support Admiral Nurses provide; it is much needed and can make a huge difference to the lives of family carers.
I was inspired to leave a gift in my Will, because I know this type of gift can go a long way to supporting an additional Admiral Nurse. I know my gift will make a difference in the future, and it will help Dementia UK reach their goal of having 800 Admiral Nurses by 2030.”
Once Robert had made his decision about including a gift to Dementia UK, he contacted his solicitor who was able to help him express his wishes.
“I found the process of including a gift in my Will relatively straightforward, although we did take legal advice on reviewing our Wills, and included a gift to three different charities including Dementia UK. There are also tax advantages in certain circumstances. To put it very simply, it is likely that your estate will save £400 on every £1000 you leave as a gift to charity.
My advice to anyone considering putting a gift in their Will would be to deal with it now so your legacy is secure.”
The benefits of gifts in Wills
Gifts left to charity in Wills are free from inheritance tax so can, in some circumstances, reduce the amount of inheritance tax that might otherwise be payable on your estate. If, for example, you leave 10% of your net estate to charity, the rate of inheritance tax applied to your taxable estate could be reduced from 40% to 36%, so this:
reduces the overall inheritance tax bill
means it costs less to give to charity
We would always recommend that you seek a solicitor’s advice in relation to inheritance tax, as this is a complicated subject. The Money Advice Service website has some more detailed information on inheritance tax, but please speak to your solicitor if you have any specific questions.