Half of high net worth (HNW) individuals have included a gift in their will with Charitable Will Trusts and Donor Advised Funds used by one in three millionaires according to recent research.
A survey of 500 people with over £1m in investable assets reveals a ‘prevalence of charitable gifts’ and highlights the opportunity for further growth say charity campaign Remember a CHarity.
The research was commissioned by Remember a Charity and conducted by independent research firm Savanta and revealed 50% of millionaires have already included a charitable gift in their Will, rising to 75% for those with estates of £5m plus.
Where high net worth individuals have not included a charitable legacy in their estate planning, over half (58%) say they are open to doing so and 1 in 4 (26%) said that they simply hadn’t thought about it before. The research also shows 26% of HNW individuals have prepared to leave a percentage of the estate to charity but as many as 40% say they would be willing to donate a share of their estate given the tax benefits. Donations are tax-free and if 10% or more of the net value of the estate is donated this can reduce the Inheritance Tax rate from 40% to 36%.
The research also looked at legacy gifting when individuals do not have children. In general those without children twice are twice as likely to leave a charitable gift than those with children; but for HNW individuals the study indicates they recognise they are able to both secure their family’s future and provide support for charitable causes. Indeed for HNW individuals gifts in Wills are more prevalent for those who do have children (50%) than for those who don’t (42%). There is also a trend for rates of intestacy to be higher for the ultra wealthy without dependents, with 1 in 5 saying they don’t have a Will and have no plans to write one.
Remember a Charity added the research showed a ‘surprising’ lack of up-to-date Wills amongst HNW individuals. Three in 10 (31%) of millionaires have an up-to-date Will, but over one third (35%) of those aged 55-65 don’t have a Will at all. One quarter of the millionaires in this study say they are in the process of writing or updating their Will, reinforcing the opportunity to integrate charitable giving into estate planning.
The charity campaign say the evidence points to an opportunity for professionals to engage in the conversation at the Will-planning stage. With market studies showing that around 90% of legacy income comes from residuary gifts and that high value estates are driving up legacy values, this demonstrates the importance and potential impact of increasing percentage gifts in this market.
“Charitable legacies are hugely valued across the sector, no matter the size of the gift or estate. But these insights into the high value legacy market reveal that legacy giving is even more prevalent in this space than many of us will have anticipated,”
says Lucinda Frostick, Director of Remember A Charity.
“While this is certainly encouraging for charities, many of which are becoming increasingly reliant on donations from those with wealth, this also helps to reinforce to professional advisers just how relevant philanthropy is to their client base – and how crucial it is that they can support their clients in achieving their charitable legacy.”
Remember A Charity week will run from 8th-1th September 2025 with a range of resources, case studies and practical tips for wealth advisers, solicitors and Will-writers, equipping them to explore the topic of legacy giving with clients. this year a new training programme for wealth advisers will also launch.
For more information about Remember a Charity and plans for the week visit the Remember a Charity website.
