There are so many ways to support Racehorse Rescue, but some of the most personal and heartfelt donations come in the form of legacies and Wills or donations in memory of loved ones.
A traditional charity with traditional views. As we are all volunteers there are no admin or salary costs so 100% of your donation will be used to protect their future.
If after making provision for your loved ones you would like to leave a legacy in your Will to Racehorse Rescue, sponsor a lasting tribute gift or create a special tribute fund to remember a loved one, companion animal – a favourite cat, dog or pet – or to celebrate a special event, this section of our website will provide you with all you need to know.
If you have any questions please contact our Fundraising Officer by telephoning us 01228 672886.
What is a legacy and why are they important?
Why leave a gift to charity in your will
While everyone wants to make sure their loved ones are looked after when they’re gone, actually confronting that issue and making plans is something that people generally tend to shy away from. The latest figures from Smee & Ford support this, telling us that there were just over 73,000 absolute bequests (legacies actually received by charities) left last year.
In the UK, legacies can be separated into three categories:
▪ Pecuniary – a fixed sum of money;
▪ Specific – individual possessions; and
▪ Residuary – a percentage of the net value of an estate.
Gifts in wills, also known as legacies, are a really important source of income for charities in the UK. They tend to be of a higher value than one-off donations and also help charities with their long-term planning, especially if they’ve been notified of intent beforehand.
Supporting your chosen charity during your lifetime is one thing, but making a statement that you’re going to support them afterwards can really deepen the bond between you and your cause.
Risky business
A large proportion of people in the UK haven’t written a will which could result in our loved ones not receiving anything after our death. If someone dies intestate (without having written a will), the estate is divided up according to preset rules enforced by the government. This may mean that family and friends – and of course any supported charities – miss out entirely.
Death and taxes
When writing a will, it is important to note any inheritance tax rules and what this means in terms of any gifts left to family or friends. The government has introduced tax breaks for people leaving a certain percentage of their estate to charity.
Helping hands
Once the decision has been made to write your will, there are still a number of other issues to address, not least of all who the beneficiaries are. A solicitor will be able to help you with the legal aspects of writing a will – to find a solicitor in your area, visit search4solicitors.com.
For those that choose to leave a charitable gift, there are a few campaigns that can help point you in the right direction:
Will Aid, takes place every November, and because it only runs for one month a year, has a straightforward payment process, and the solicitors involved are doing their work for a good cause, it has significant uptake – the scheme raised a total of £5.5 million in legacies for charities in 2010.
Free Wills Month (FWM) runs every March and October and encourages those aged 55 and over to update their wills or write new ones free of charge
Supporting your chosen charity during your lifetime is one thing, but making a statement that you’re going to support them afterwards can really deepen the bond between you and your cause. Please support our cause and give it a future by adding the Racehorse Rescue Centre (Reg. charity No. 1150864) in your Will and know you’ve helped leave a Legacy cherished by many for years to come. Remember, we are 100% volunteer run so it will not be used on salaries!
The tax benefits of leaving a legacy
Everyone has to pay Inheritance Tax on their assets over a certain amount when they die but it’s good to be aware that there are several exemptions that could help cut your Inheritance Tax bill or even reduce it in full.
Below is a list of lifetime gifts which are exempt under the current tax rules. This means that you won’t be charged Inheritance Tax on any gifts which fall within these.
- Gifts between a husband and wife or civil partners (UK residents) – No limit
- Gifts to charity (UK) – No limit ) You can also cut the percentage the taxman takes in Inheritance Tax if you leave at least 10% of your estate to a charity in your will.
- Annual exemption each tax year per donor – £3,000
- Small gifts to any number of persons – £250
- Wedding gifts by parents – £5,000
- remote ancestor – £2,500
- party to marriage – £2,500
- others – £1,000
- Gifts which are normal expenditure out of income – No limit
For more information on Legacies and to let us know you wish to include us in your Will, please contact us Here