Today’s Wills and Probate Podcast
This episode of The Today’s Wills and Probate podcast sets out to myth-bust the relationship between probate practitioners and legacy managers; who up until more recent years might have been described as “frenemies!”
A profession who deliver £3bn in charity revenues and enable the final wishes of somebody to be fulfilled is a rewarding career and joining this latest episode to discuss this conundrum is Matthew Lagden, CEO of legacy professional membership body The Institute of Legacy Management (ILM). The ILM champions best practice, training and collaboration across it’s membership.
Matthew discusses the role of ILM in creating the vocation of Legacy Management as a dedicated role within charities and in fostering better relationships in the probate community. The property price boom of 80’s and 90’s saw legacy income rise dramatically (around 50-70% of the average estate will be made up of residential property) requiring proper administration and process.
There is also a recognition that legacy income plays a critical part of charity funding, highlighted by the pandemic which saw legacy income drop c.10% against a backdrop of 30% reductions in other funding streams.
Matthew shares his experiences of leading the organisation for the past 5 years; the highs and lows and what his hopes for the industry are. And leaves us with his top tips on how probate and legacy management professionals can work most effectively together.
The Today’s Wills and Probate podcast is available on your preferred podcast provider, and at www.todayswillsandprobate.co.uk. Subscribe today to hear all the latest news and views across the wills and probate sector.