The generous generation: Co-op Legal Services reveals increase in the value of legacies left to charity in wills

11 September 2023

  • Latest business data from Co-op Legal Services reveals legacy gifting in wills has increased by over 18% in the last 12 months
  • Pledges left to charity in wills from Co-op Legal Services totalled an estimated £51m in 2022
  • Cancer, rescue and humanitarian charities are most popular beneficiaries
  • Beekeeping Equipment, Stamp Collections, A collection of Trombones and Bird Watching Equipment are amongst some of the quirky items left in wills to charities
  • Co-op Legal Services is urging people to take a moment to consider leaving a gift to charity in their Will, after looking after family and friends as part of Remember a Charity Week (10-16th September)

We’re a nation of givers! As Co-op Legal Services latest business data reveals the number of gifts being left to charity has increased by over 18%* in the last 12 months, with pledges in wills having an estimated value of £51m.

To mark Remember A Charity Week (10th – 16th September 2023) Co-op Legal Services is urging people to take a moment to consider leaving a gift to a charity in their Will, after looking after family and friends. Gifts left in wills are vital to charities, Cancer Research UK stating it remains its largest single source of income for the charity.**

Co-op Legal Services’ business data, based on thousands of wills, highlights that clients are leaving gifts most frequently to charities that tackle cancer, rescue and animal charities have risen in popularity within the last 12 months.

Top 5 charity categories Co-op Legal Services’ clients have chosen to leave gifts to are as follows: 1. Cancer charities 2. Rescue charities 3. Humanitarian causes 4. Animal charities 5. Children charities

However, Co-op Legal Services’ business data reveals that it isn’t just money that’s left to charity, people also choose to give more personal items to charitable causes. Generous supporters have left a range of interesting items to charities of their choice, including, Bee keeping equipment, stamp collections, a collection of Trombones and bird watching equipment.

James Antoniou, Head of Estate Planning for Co-op Legal Services said: “There is certainly still a strong desire for clients to leave charitable gifts of all types in wills for a variety of personal reasons and this is something that charities heavily rely on. We work with a number of large and smaller charities offering affordable will writing services to their supporters to make this possible.”

Top 5 things people need to know when leaving a gift to charity in a will, according to Co-op Legal Services Head of Estate Planning James Antoniou:

What should you consider when choosing a charity? “There are no set rules to follow when choosing which charity or charities a person would like to benefit in their will. Typically though, people are either passionate about a particular cause or they have been impacted either directly or indirectly in some way by the charity’’

Are consumers taxed on the money they leave to charity? “Generally speaking, a gift to charity in someone’s will is exempt from Inheritance Tax. However, anyone considering doing it needs to ensure that the charity is a qualifying charity. This can be confirmed by asking the charity for their tax exempt reference number.’’

Is it just money that can be left to charity or can other personal belongings be left instead? “It’s possible to leave anything that’s in a person’s estate to a charity including their property, land, shares or a specific item such as an item of jewellery or a piece of art for example. If you would like the charity to use the inheritance for a particular purpose then you should discuss this with them in advance to make sure it’s feasible.’’

How many charities can someone leave a gift to? “There isn’t a limit on the number of charities a person can leave a gift in their will to. However it is important to consider which items or the amount of money they would like to give to each charity.’’

Is there a set list of charities which people need to choose from? “Anyone thinking about leaving a gift to charity in their will can visit the Charity Commission's website for a full list of all charities registered in England and Wales.’’

For further information about Co-op Legal Services, please visit: About Our Legal Team | Co-op Legal Services

Ends

Taken from Co-op Legal Services business data from 12 months trading activity in 2022 compared to prior year. * https://www.civilsociety.co.uk/news/cancer-research-uk-legacy-income-rises-by-55m.html#sthash.nj77UWNy.dpuf

About Co-op Legal Services

Co-op Legal Services is regulated by the Solicitors Regulation Authority, providing legal services in England and Wales. It is one of the largest providers of estate planning and probate services in the UK, with specialist practices in family law, serious injury and medical negligence. Co-op Legal Services’ mission is to help people understand the law, to use the law to protect their future and that of their loved ones. It achieves this by providing accessible, engaging, professional legal advice and support through a blend of digital and 1-2-1 specialist advice.

Co-op Legal Services is part of the Co-op Group.

Co-op is one of the world’s largest consumer co-operatives with interests across food, funerals, insurance and legal services. Owned by millions of UK consumers, the Co-op operates over 2,500 food stores, over 800 funeral homes and provides products to over 5,000 other stores, including those run by independent co-operative societies and through its wholesale business, Nisa Retail Limited. Employing almost 60,000 people, the Co-op has an annual turnover of over £11billion and is a recognised leader for its social goals and community-led programmes. The Co-op exists to meet members’ needs and stand up for the things they believe in.

For further information, please contact pressoffice@coop.co.uk