Love the arts, leave to the arts was a new initiative from Arts & Business Scotland to encourage art lovers to leave a legacy to a cultural organisation.
During February 2013 you had the opportunity to get a basic Will written, or amended, free of charge by participating law firms if you left a legacy to an arts charity taking part in Love the arts, Leave to the arts.
The scheme is now closed for 2013. Please read below for further information on legacy giving to the arts.
Why should I make a Will?
Making a Will, and keeping it up to date, is an easy way of making sure that your loved ones are protected, and that property and possessions go to the people you most care about. If you die without a valid Will (intestate), it may delay the settlement of the estate and could leave your family and friends without financial provision, and with the stress of resolving potentially complicated legal issues.
"More than 60% of the population don't have a Will, which can often leave relatives with real problems and additional heartache after a family bereavement." Austin Lafferty, President, Law Society of Scotland
Why should I leave a legacy?
Legacies are vital to the future of arts charities, and gifts make a lasting contribution to Scotland’s cultural landscape. Legacies to charities are free from inheritance tax, so a gift to an arts charity could reduce the amount of tax payable to the Government from your estate.
“Everyone should have a Will. That’s how you provide for family and friends. But you can do a lot by leaving a legacy to an arts charity. Why not use your Will to help the vibrant cultural life that makes Scotland such a fine place to live. A legacy to the arts is a small gesture that makes a very big difference. ” Alexander McCall Smith, Author and Art Lover
Inheritance tax is 40% payable on estates worth over £325,000. Money left to a charity is not taxed. From April 2012 if you leave 10% of your estate to charity there is a corresponding reduction in the overall rate of inheritance tax payable on the rest of your estate from 40% to 36%.
So if you're someone to whom the arts have given pleasure, voice and inspiration, if they have provoked you, transported you, confronted you, help to ensure the presentation of new visions and fresh interpretations for the generations that follow you by leaving a legacy to your favourite arts charity. A solicitor will be able to advise you on current legislation and help you plan what is best for your personal circumstances.