The Institute of Legacy Management (ILM) has teamed up with will writing firm Farewill to help its charity members boost the number of legacies they receive.
The move will see the ILM providing consultancy services, working with Farewill to ensure its free will service meets the needs of charities, including the levels of protection and security expected from a will writing provider.
The ILM currently has more than 700 members representing 500 charities across the UK and CEO Matthew Lagden says more of its members use Farewill’s service than any other. Matthew said:
“In our view, not only are Farewill’s products best in class, but the firm has a real commitment to understanding and supporting the charity sector.”
Increasingly our members are responsible for both legacy promotion and legacy management, and we believe by aligning our two organisations more closely, we can use our influence to ensure our members’ best interests are always at the forefront of the relationship.”
Over one in four of Farewill wills contain legacies – nearly double the normal industry standard – and almost 70% of these are residuary gifts, which is important because residuary gifts deliver 84% of all legacy income. Dan Garrett, founder and CEO of Farewill, said:
“Matthew and his team are at the forefront of best practice, working across the sector to set clear standards, deliver essential training, and elevate standards across the board.
The next 10 years represents a huge opportunity for charities of all shapes and sizes, and we’re committed to working with innovative partners to make the most of it. We’ve learnt a huge amount from Matthew already and look forward to an even closer relationship going forward.”
Matthew believes the partnership will be especially useful for smaller charities, who often lack the resources and time to undertake their own research about the best free will writing partners to engage with. He concludes:
“By working with Farewill, we can help save them time and money and hopefully enable them to increase the number of legacies they receive in the future.”
Estimates show that intergenerational wealth transfer between now and 2030 will be around £2 trillion, as the wealth currently held by the over 60s generation is passed on. The ILM says this means it is now more important than ever for charities to do everything they can to maximise legacy potential.
Farewill already partners with some of the UK’s biggest charities, including Age UK, Cancer Research UK and British Heart Foundation, as well as supporting hundreds of others in the development of their legacy fundraising programmes – among them, The Butterfly Hospice Trust, East Anglian Air Ambulance and King’s College London.
