Legacy gifts remain vital to charity income
The charitable sector has been hit particularly hard in recent months, with statistics released by Pro Bono Economics showing that one in 10 charities in the UK is likely to be bankrupt by the end of the year. With increased demand for services and limited fundraising capabilities, the sector is struggling to fill the £10bn shortfall required to keep it afloat.
A figure that will no doubt cause a great deal of concern for many individuals and families who have benefited from the support of free advice, care and support delivered by one of the thousands of organisations that run independently of government funding over the years.
Many such charities work directly with clients of Banner Jones, including those who have been impacted by a personal injury, those who have been subjected to abuse, and those in need of palliative care.
As a business with a strong presence in Chesterfield, one of the organisations we have long supported is Ashgate Hospicecare which provides vital, end of life care, free of charge, to patients with a life-limiting illness across North Derbyshire. They also provide much needed comfort and support to families during this difficult time.
Unfortunately like many other Hospices across the country, Ashgate is not an NHS Hospice, which means it is required to fundraise 72% of all the funds associated with delivering its much-needed services to the community.
Mostly, this is done through fundraising activities, as well as by sales in their charity stores which are located throughout the region. Both major sources of income came to a standstill when the pandemic struck, and while some events are now starting to take place virtually there is still a lot of lost ground to make up.
Thankfully, one other means of raising money for the charity comes through their legacy donations, and as of today 1 in 5 patients are supported as a result of a monetary gift left in a Will.
Jack Wood, Head of Fundraising at Ashgate Hospice Care comments “Ashgate Hospicecare has worked in close partnership with Banner Jones Solicitors for a number of years. In that time, the team at Banner Jones have worked to raise awareness of the importance of gifts in wills for the hospice and for the people we care for. This includes their involvement in ‘Make a Will Months’ where the solicitor forgoes their fees and instead asks our supporters to consider a voluntary donation to the hospice.
“Not only have these campaigns raised immediate funds for the hospice and helped local people to make their will, ensuring that their nearest and dearest are taken care of, they have also raised the profile of leaving a legacy gift to the hospice which will help to ensure that we can be here for the future, beyond the difficulties of the current times.
“Legacy gifts make up such a large part of our funding, helping to ensure that we can continue to provide vital care to everyone who needs us, and this wouldn’t be possible without the support of local solicitors such as Banner Jones.”
Kathryn Wheeldon, Head of Wills & Probate at Banner Jones says, “Leaving a charitable legacy gift in your Will is very straight forward and it is always something that we will discuss as part of the Will writing process. There are two ways that you can leave a gift; you can leave a residuary gift, which is a percentage of your final estate, or you can choose to leave a pecuniary gift, which is a specified amount of money. When adding a charity to your Will you will need to provide the name, address and registered charity number. Sometimes charities can have more than one number so it is vital to get the correct information here or your money could end up going to the wrong charity. This is something that we always double check as part of the process.”
“Something that clients often don’t realise is that all funds gifted to a charity in your Will are exempt from Inheritance Tax, meaning that any money that forms a legacy donation is deducted from your estate before any inheritance tax is worked out. Leaving a gift to charity could therefore substantially reduce the tax on your estate and we can discuss this with you.”
For more information about Legacies and leaving money to a charity please click here, or speak to a member of our dedicated team by calling 01246 560 560.
To find out more about Ashgate Hospicecare and the work they do, to get involved in their events, or to make a donation to the charity, please visit their website: https://www.ashgatehospicecare.org.uk/