The ‘Willanthropy’ advantage: your approach to lasting impact

Lucinda Frostick

Director, Remember A Charity

In the world of estate planning, a strategic trend is emerging — Willanthropy, an innovative blend of estate planning and philanthropy, is proving to be a savvy strategy for minimising Inheritance Tax liabilities.

Willanthropy, the act of giving to a charity in your Will, goes beyond a transaction; it’s a statement of values and a testament to who you are. It’s a game-changer for those looking to preserve their wealth while leaving a lasting impact on good causes. This form of giving is increasingly recognised as a strategic financial move during estate planning.

Unlocking the benefits of giving

Giving through your Will brings a two-fold advantage, allowing individuals to ensure a proportion or sum of your estate (large or small) goes to the charities you care about while reducing any inheritance tax due from your estate.

How does it work? You can give any amount to any charitable cause while taking care of family or friends. All charitable gifts in Wills are exempt from inheritance tax. There are added advantages if you choose to donate 10% or more of your estate — reducing the inheritance tax rate from 40% to 36%. For those who wish to leave a lasting impact, this can be a powerful and effective way to help good causes long after your lifetime.

Fundamentally, Willanthropy enables you to remember your favourite charities alongside your loved ones in your Will. By doing so, you’re not only crafting a meaningful legacy but implementing a savvy approach that can lower the tax paid on your estate.

You can give any amount to any charitable
cause while taking care of family or friends.

How to donate from your Will with ease

Step 1. Identify charitable causes that resonate with your values, ensuring a meaningful and purposeful legacy.

Step 2. Choose the charity, or charities, you wish to support.

Step 3. Think about what type of gift you want to leave to the charity (a percentage of your estate or residual amount, specific assets or a set sum).

Step 4. Read our guide on making a Will on rememberacharity.org.uk

Step 5. Contact a solicitor or professional Will-writer to support you.

Giving from your Will is not just an altruistic move but a strategic financial approach. By incorporating Willanthropy into your estate and tax planning, you can shape your legacy while sustaining good causes and charitable services long into the future.