Many people spend their lives working towards goals, building relationships, and contributing to our communities. But have you ever thought about the impact you could leave behind for future generations? Legacy giving offers a meaningful way to continue supporting the causes closest to your heart long after you’re gone.
Leaving a gift in your will to a charity isn’t just about financial support—it’s about creating a lasting difference in the world. Whether it’s funding research, supporting vulnerable communities, or championing a cause you believe in, legacy gifts help shape the future in a powerful way.
What Is Legacy Giving?
Legacy giving, also known as planned giving or charitable bequests, is the act of leaving a portion of your estate to a charitable organisation through your will. Unlike donations made during your lifetime, these gifts are allocated after you pass away, ensuring that your values and philanthropic vision continue to make a difference.
There are several ways to make a legacy gift, including:
Pecuniary Gifts (Monetary Donations)
A specific sum of money allocated to a charity of your choice.
Residuary Gifts (A Percentage of Your Estate)
A designated percentage of your remaining estate after all other gifts, taxes, and expenses have been distributed.
Specific Gifts (Assets and Property)
This can include stocks, real estate, valuable items, or shares in a business that a charity can use or sell to support their work.
Contingent Bequests
A gift that only takes effect if certain conditions are met, such as a primary beneficiary passing away before you.
Why Is Legacy Giving Important?
Charitable organisations play a vital role in supporting communities, advancing medical research, and protecting the environment. However, many of them rely on donations and funding to continue their mission. By including a legacy gift, you can provide long-term support and ensure their work continues for generations to come.
Your Impact Lives On
A legacy gift ensures that the causes you care about continue to receive the support they need. Whether it’s funding cancer research, helping those in crisis, or protecting the planet, your contribution leaves a positive imprint on the world.
Long-Term Financial Stability for Charities
Many charities depend on legacy donations to sustain their operations and fund future initiatives. These gifts allow them to plan ahead with greater financial security.
A Reflection of Your Values
Your will is more than just a legal document—it’s a reflection of what you stood for in life. By leaving a charitable gift, you communicate your beliefs and values to future generations, setting an example for others to follow.
Potential Tax Benefits
In the UK, leaving a gift to charity in your will may reduce the amount of inheritance tax due on your estate. Gifts left to registered charities are often exempt from inheritance tax, which means more of your assets can be used to support the causes you care about.
How to Get Started with Legacy Giving
If you’re considering leaving a legacy gift, here are some steps to help you get started:
Choose a Cause That Resonates with You
Think about the charities or organisations that have made an impact on your life or align with your values. Whether it’s supporting cancer patients, funding education, or helping those in need, your legacy can be tailored to reflect your passions.
Consult a Legal Professional
A solicitor or financial advisor can guide you through the process of updating or writing your will to include a legacy gift. They can also advise on the best way to structure your donation based on your financial situation.
Inform Your Loved Ones
While legacy giving is a personal decision, discussing your intentions with your family can provide clarity and prevent any misunderstandings. It also allows you to share your motivations and inspire others to consider charitable giving in their own plans.
Select the Type of Gift
Decide whether you want to leave a specific sum, a percentage of your estate, or an asset. This ensures your donation aligns with your wishes and financial situation.
Notify the Charity
Many charities, including Macmillan Cancer Support, offer guidance on how to include them in your will. If you’re considering supporting their mission, you can explore their legacy gifts page to learn more.
Your Legacy, Their Future
Legacy giving is one of the most impactful ways to ensure your values live on and continue to make a difference. It’s a gift that costs nothing in your lifetime but provides lasting benefits to future generations.
Whether it’s funding groundbreaking research, offering aid to those in need, or protecting the environment, your gift has the power to shape a better future.
Author Bio – Bex Gawne
Since graduating from university with a degree in Creative Writing, Bex has worked in the digital marketing industry for almost a decade. She specialises in writing health and lifestyle content and is passionate about making a difference in the world. Outside of this, Bex loves to read curled up with a good book and her cat as company.
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