President of Law Society backs Legacy10 promoting charitable giving in Wills

The president of the Law Society, John Wotton, has pledged his support for the Legacy10 campaign, which aims to promote charitable legacies in Wills and has said that it should emphasise the importance of having a Will professionally drafted.

The campaign, which was launched in November 2011 aims to dovetail alongside the governments change in Inheritance Tax legislation to encourage charitable legacies. As of 6 April 2012 any estate which leaves 10% to charity will benefit from a reduced rate of Inheritance Tax from 40% to 36%.

Legacy10’s founder, Roland Rudd, says of the campaign “the appeal of Legacy10 is its simplicity. We are asking people to make a contribution to their favourite cultural or charitable cause in their Will, the benefit to that cause will be four times bigger than the small loss to the donor.”

Mr Wotton said “I also hope that this initiative will highlight to the public the significant benefits of drafting a Will, and doing so through solicitors’ firms rather than the unregulated sector. I believe that the profession can step in and provide good estate planning advice, including highlighting the benefits of leaving 10% or more of an estate to charity. You may also choose to get personally involved by making changes to your own estate planning. Clients who are considering making changes to their wills to take advantage of this change in Inheritance Tax are likely at the same time to consider making other changes to their Wills and would therefore benefit from the professional advice of a solicitor.”