Charitable Gifts In Wills Rise
A study commissioned by Remember A Charity, has seen an increase in the number of charitable legacies left or set to be left in people’s Wills.
The study was completed by nfpSynergy which discovered that 27% of charity donors aged 40+ say they have written a gift to a charity into their Will or are preparing to do so.
The study also revealed that over the past decade, the amount of donors in this group leaving a gift has steadily increased, from 20% to 27% in 2019. This could be as a result of 68% of solicitors/Will writers saying they now always or sometimes raise the topic of gifts in Wills with their clients.
The tracking also revealed that only 9% of donors actively reject the concept of leaving a legacy, down from 12% in 2010. The number of people unaware of legacy giving has fallen from 20% in 2010 to 11% in 2019.
Rob Cope, Director of Remember A Charity, says:
“We’re continuing to see growth in legacy giving over the long term, with supporters being inspired to do something meaningful for good causes at the end of their lives. This is hugely important for the nation’s charities, bringing in over £3 billion annually and funding vital services across the country.
“Solicitors and Will-writers play a key role in raising awareness about charitable bequests, communicating the tax benefits and the ease of leaving a legacy, while ensuring that clients’ families and friends are taken care of. With the public demonstrating greater appetite for gifts in Wills, it’s all the more important that legal advisers support clients by offering the relevant information and guidance. With this in mind, it’s great to see that the large majority of legal professionals are now raising the topic of legacy giving with Will-writing clients.
“There’s still a misconception amongst many that you have to be wealthy to write a charity into your Will or that you can’t leave a gift if you want to take care of your family and friends. So, we’ll be working hard to continue to address those myths this year and to support charities and the legal sector in opening up conversation around legacy giving.”
The study reinforces the fact that the charitable bequests being included in Wills in on the rise. Although it’s a slow process rising from 12.2% in 2010 to 15.8% in 2019, it demonstrates that things are moving in the right direction.