A recent report, carried out by Remember a Charity and Co-op Legal Services, looking into the legacy giving patterns of UK Wills in 2018 has found that charitable gifts included in Wills has increased by 30% in the past year.
Despite the fact that only 6% of the UK population bequest money to charities in their Wills, an astonishing £2.85 billion in the last 12 months.
The research also identifies the most popular beneficiaries of donated money. Possibly because of the wide affect it has in many families and the personal connections associated with the disease, Cancer Research UK receives the most money from Legacy giving and Wills; Macmillan Cancer Support also enjoyed the biggest increase of legacy money in cancer charities with a 10% rise.
Despite the ‘cash for sex’ scandals that have vilified the reputations of charities like Oxfam, international charities also dominated the statistics and were in the top three of legacy donations made in Wills.
Propping up the top three was the increase in animal charities. Solidifying our island’s love of animals, animal charities were buoyed by an increase in 10% to the legacy money gifted to them in Wills in 2018.
People were also interested in helping their local causes with community charities securing a huge chunk of legacy gifted money.
Sitting at the bottom of the statistics were charities working on behalf of poverty and the homeless, despite a decade of increasing poverty and the rise in food bank consumption.
Chris Millward, Director of Consulting for Legacy Voice, said: “I believe we are at a critical moment for charity legacy giving. As the baby boomer generation begins to die and the once in a lifetime intergenerational transfer of their wealth begins to take place, we have a choice as to whether we are going to be good or great at legacy fundraising.
“With more donors, leaving more money, to more charities than ever before, this presents a huge opportunity. But, there’s a major problem we need to overcome. With 70% of people supporting a charity during their lifetime, 35% saying they would actively consider leaving a gift in their Will, yet only 6% actually doing so, how can charities better engage, inspire and steward supporters to allow the full potential of legacy giving – and the positive impact for donors, fundraisers and charity beneficiaries – to be realised?
“But, legacy giving isn’t just about money, percentages and statistics. The legacy gifts that supporters leave are a reflection and celebration of their lives; shaped by their experiences and values, legacy donors choose to leave their mark by remembering the people and charities that mattered to them most in their lifetime.
“People give in this way because it makes them feel happier. Legacy giving brings a unique value to people; by improving self-esteem, giving a renewed sense of purpose and value to people towards the end of life. To be great we need to ensure that everyone feels the joy of legacy giving. It’s about people, inspiration and emotion, not process and mechanics.”
Although high profile wealthy estates enjoy the philanthropic spotlight, charitable bequests made by estates valued below the nil-rate band of £325,000 have also increased, indicating that a desire to leave a legacy is gaining momentum in the UK.
Have you found that more people are leaving money to charity in their Wills? What are the implications for the Wills and probate sector if this trend continues?
