Almost Half of Millennials & Gen-X Plan to Leave a Charitable Legacy in their Will

Time Scale Comparing The Differences Between Generations: Baby Boomers, Generation X, Generation Y And Generation Z
Time scale comparing the differences between generations: Baby boomers, Generation X, Generation Y and Generation Z.

Since the pandemic, there has been a sharp rise in awareness among younger audiences about the importance of planning for the future and in particular putting a Will in place.

A recent YouGov survey* found that 44% of people born between 1967 and 1996 are planning to leave a gift to charity in their Will.

Most of those surveyed, however have not yet made a choice about which charity they intend to support as 87% of millennials and 70% of gen X have not yet written their Will.

Making a Will is easier than you think

Depending on your circumstances, starting to make your Will could simply be a matter of listing what you own along with instructions as to which of your loved ones you would like to receive them. It is important to remember that anyone over the age of 18 can make a Will and it is never too soon.

Tax benefits of leaving a charitable gift

Aside from the fact that you are going to make a big difference to your chosen charity, when it comes to tax planning for your own estate, leaving a charitable legacy in your Will can also offer many benefits.

Charitable donations pass free of inheritance tax and so reduce the value of your estate chargeable to inheritance tax, and (if the necessary criteria are met) can also reduce the rate of any inheritance tax payable on assets passing to non-exempt beneficiaries (such as friends and families) from 40% to 36%.

Make it personal

Many individuals choose to nominate a specific purpose for the legacy, or a wish of how the monies should be used. Although stipulating a use for the legacy is possible, care should be taken when drafting such a condition. It is important to ensure that this is not too restrictive on the charity, but that the funds will still be used in accordance with your wishes.

If you haven’t yet made a will or would like to review your will with our specialist team, or simply wish to discuss the effect of including charitable legacies within your will, please contact a member of our specialist wills, trusts & probate team on 0800 533 5349.

From our offices in Bath, Frome, Sherborne & Wells, we work closely with many local and national charities regarding the wording of legacies, ensuring that your legacy supports the work of that charity in the areas you most wish to benefit.

*YouGov surveyed 250 millennials (people aged 26-40) and 250 gen X (people aged 41-55 in May 2022
Mogers Drewett

Whether you are an individual, a family or a business, we all have a role to play in protecting our planet and that is why we have teamed up with Ecologi. For every person who signs up to receive our newsletter we will plant a tree and together we can make a difference.

By signing up you agree to our privacy policy.