The importance of Gifts in WillsPosted on: 11 November 2020 by 50connect Promotions
Gifts in Wills are vital. Without them Barnardo's simply couldn't continue supporting vulnerable children. So if you’re considering leaving this special gift – thank you.
Why gifts in Wills matter
Leaving a gift in your Will is simple. While many adults in the UK have supported a charity in their lifetime, fewer are aware that they can continue their support by leaving a gift in their Will to charity.
Nearly half of all the money fundraised for Barnardo’s comes from gifts in Wills. While the charity has been making a difference for generations to the lives of vulnerable children and young people, the challenges of these unique times mean your support now is more important than it has ever been. So what can you do to help and what steps should you take?
Step 1: Get a professional to write your Will
Consult a solicitor to help you write your Will. A good place to start your search is the Law Society or speak to your friends and family for a recommendation.
A Will writer
As it stands, Will writers are less regulated than solicitors, but as it is a specialist area, they often have in-depth knowledge. To find out more, or to locate a registered Will writer in your area, an organisation like the Institute of Professional Will Writers might be able to help.
Step 2: Assets and debts
You don't have to be wealthy to make a difference! Gifts in Wills of all sizes play an invaluable role in making charitable work possible. Even if your wealth is locked away in property and cannot be released in your lifetime, it’s good to have a clear understanding of your financial situation. Any outstanding debts are taken from your estate before any gifts are distributed, so taking these factors into account will give you the bigger picture on your finances.
Your assets include…
Property, cash savings, bank/building society/savings account, shares, bonds, life policies, pension funds, household contents, jewellery, family heirlooms and other possessions.
Step 3: Who will you be leaving your money to?
Make a list of the people who you’d like to benefit from your estate. Once you’ve worked out what goes to whom, you will be more comfortable and better informed to make the right decisions when you consider leaving a gift in your Will. By carefully considering your options, you will have peace of mind, knowing that you have catered for the needs of your family and friends and can continue your support of your favourite charity. Not only are you supporting a worthy cause, it could also limit your exposure to inheritance tax!
Step 4: Choose an executor
This is an important role, which carries with it responsibility. Anyone over the age of 18 can be nominated as an executor. Most people choose their spouse or civil partner, as these are people they trust the most, but it is common to have more than one executor, including children, trusted relatives, friends or a legal profession such as a solicitor.
Step 5: Choose the kind of gift you want to leave
A share or percentage
This is also known as a residuary gift – or, what’s left over when all bills, debts, taxes and specific gifts are paid. If you like, you can break this down – for example, you could leave 10% of your remaining estate to Barnardo’s. It may seem small, but it could bring brighter futures to struggling young people.
A fixed sum
You can specify a particular amount to be gifted in your Will, such as £1,000. This is also known as a pecuniary gift, and it could help make a childhood safer.
A specific item
This is a gift of a specific item of value – such as a painting, jewellery or a house. This kind of gift from your family could help make another stronger.
Your solicitor can help you decide what kind of gift is best for you – but whatever you choose to give, know that it has the power to transform a childhood.
Celebrate your life by Remembering Childhood
Legacy gifts come from ordinary people and they are crucial to the future development of Barnardo's services. It's so easy to leave a gift in your Will. By remembering Barnardo's in your Will you will be investing in the future of generations to come. For example, in 2018/19 Barnardo's wider engagement and partnership work was able to directly support:
- 294,300 children, young people, parents and carers.
- 84,500 through individual work.
- 181,100 through Children's Centre's and Family Hubs.
- 28,700 though Schools-based Programmes.
Nearly half of all the money fundraised for Barnardo’s comes from gifts in Wills – without these gifts, so much of the charity's work for so many vulnerable children would not be possible. What better way to remember the cause whose values you share by leaving a Gift in your Will?
Supporting Barnardo's through your legacy
You’ll find more information about Remembering Childhood with a Gift in Your Will to Barnardo's here.
Share with friends
Carve a Halloween pumpkin competition
We love our pets
Related Blog Posts
22 Jan 2020How the “Mattress In a Box” industry ...
11 Jul 2019The latest craze in household toilet ...
3 Jul 20195 Ways to Refresh Your Home