Will you leave £5,500 to the government?
Howard Lake | 22 September 2006 | News
Every year the government rakes in £3.3 billion from inheritance tax, that’s an average of £5,500 for every death in the UK per year. This November, why not take part in the Will Aid scheme and make sure your hard earned cash goes to your family and good causes rather than back into the treasury coffers?
Will Aid, a charity will making scheme, has recruited over 1,600 solicitors across the UK who will give their time free of charge to draw up a basic will. The average cost is normally £75 and the solicitor will donate that money to Will Aid, of which Christian Aid is a founding member.
That £75 could pay to install a tap in a village providing clean, safe drinking water for everyone and build a latrine that can save lives by reducing the threat of diarrhoea, malaria and cholera.
Most people don’t think about making a will until they are in their 50’s, however new parents should consider making one to ensure their children are taken care of. If you are married and without a will, government regulations state that the first £125,000 of your estate goes directly to your spouse and the rest must be divided amongst other members of your family. This process, if disputed, can take up to 10 years to settle.
The real sting in the tail is inheritance tax – 40 per cent on anything you own worth over £285,000. And what’s more, this tax has to be paid before your family can take control of your estate. Many people are left in the position of having to take out a bridging loan to pay the tax.
Jack Visser, legacy officer at Christian Aid said: ‘The only positive thing about inheritance tax is that it can be avoided. All it takes is a little forward planning.’
Leaving money to charity can relieve the tax burden on family members as any money left to charity is donated before the final total is calculated for tax purposes. Your legacy could make a real difference – £150 will train a midwife in Burkina Faso, £790 will build a well in Mali and £2,400 will pay for the construction of a school in Angola.
Will Aid has raised nearly £6 million for good causes since it started in 1988 and last year Christian Aid raised £67,000 in donated solicitors’ fees from the scheme. This money goes to help some of the world’s poorest people in more than 50 countries providing health education, sanitation, emergency response and livelihood support. Christian Aid works with people of all races and religions, where the need is greatest.
If you are interested in finding out more about the scheme and how to find your nearest participating Will Aid solicitor contact Jack Visser on 020 7654 5334 or email him at JV*****@ch***********.org.
ENDS
For more press information please call Karen Hedges on 020 7523 2404 kh*****@ch***********.org
Notes to editors:
An average of 600,000 people die every year in the UK
www.christianaid.org.uk
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.