Apostleship of the Sea (AoS) Legacy Officer Alastair Emblem has written about how legacy giving and gifts in Wills can help reduce widening inequalities in Britain and how they do make a difference in AoS' work supporting seafarers in need.
In a letter published in the Financial Times, Alastair highlights that in the case of AoS, an average of 14 per cent of our work with seafarers is paid for by bequests.
We have reproduced the letter in full here.
Leaving a bequest to charity is another way of reducing inequality
Sir, Your report “Young Britons grow more reliant on inherited wealth” (January 5) highlights the fact that bequests in wills are likely to play a greater role in widening inequalities, as wealth tends to be inherited by those who are wealthy already.
However, there is always the opportunity of reducing inequality by leaving bequests to charities too.
An increasing number of solicitors are prompting people, when writing their will, to include cash gifts or a proportion of their estate to their favourite charities.
Sadly, this is something very few wealthy people do, even though bequests to charity are exempt from inheritance tax.
The government has made a step in the right direction by granting a small IHT reduction to estates leaving at least 10 per cent to charity, but this could be publicised more effectively, and perhaps also be made more generous.
Most charities rely on legacies for a significant proportion of their income — in the case of our charity, the Apostleship of the Sea, an average of 14 per cent of our work with needy seafarers is paid for by bequests.
Apostleship of the Sea,
London SW1, UK
Published in the Financial Times on 9 January, 2016. www.FT.com
AoS legacy pledger Kevin Rigg speaks about why he is leaving AoS a gift in his Will. Watch the video here.