Legacy donations to UK charities are set to reach £10 billion by 2045, according to a new report.
The report, entitled ‘Giving Tomorrow: Legacy and In-Memory 2045’, was launched by Legacy Foresight at the Institute of Fundraising’s ‘Legacy Fundraising’ conference, highlighting that gifts in Wills are set to be worth twice as much in real terms in the next 25 years.
More than 120,000 gifts are left to charities in Wills every year, with that number set to increase to in excess of 200,000 by 2045, due to a combination of more deaths, more people making Wills and a rise in the number of individuals leaving legacies.
The report outlines that legacy and in-memory giving are worth £5 billion per year to UK charities, which is one-tenth of their total income. It also states that individuals are becoming more comfortable in discussing death and planning for the future, while the number of people that wish to record their wishes in Will is also set to increase.
Meg Abdy, development director at Legacy Foresight, said: “There’s no doubt UK society will see some fundamental shifts over the next two decades, including many more people living into their 90s, a new generation of child-free donors, and the biggest intergenerational transfer of wealth ever seen.’’
“People will choose to split their giving between more causes and technology will help to level the playing field, enabling the smallest charities and community groups to reach and inspire supporters.”
Choosing to leave a charitable legacy can be beneficial not only to the charity and its causes but also to your taxable estate.
Leaving part of your estate to a charity can reduce and in some situations, eliminate your inheritance tax bill.
For help and advice on matters relating to charitable gifts in Wills, contact our team today on 01904 528 200.