Legacy Futures: annual bequests reach record high
Melanie May | 26 June 2024 | News
Legacy income received by Legacy Futures consortium members in the year to March 2024 reached £1.81bn, it has reported: 1% up on the previous financial year.
The growth in income has been driven primarily by bequest numbers. These reached almost 60,000 – the highest number of annual bequests ever recorded.
The Legacy Futures data suggests that the growth in bequests is, in the main part, a result of improvements in the probate process at HM Courts and Tribunals Service (HMCTS). The backlog of probate cases declined in the period analysed, implying that investments made in additional resources are starting to pay off.
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Looking forward, the increased numbers of bequests coming out of the probate process and a less pessimistic outlook than expected for house prices means that that Legacy Futures predicts that the legacy market will remain resilient and show flat or potentially slow growth for the remainder of 2024.
Ashley Rowthorn, CEO of Legacy Futures, said:
“Charities and supporters alike have felt, and are still feeling, the impact of the ongoing political instability and cost-of-living crisis. Add to that the delays at probate, and legacy giving, although still a reliable income stream for charities collectively, wasn’t seeing the levels of growth that had previously been predicted.
“It’s great news for charities therefore that bequest numbers have reached a record high and that efficiencies at HMCTS have started to improve. Income resilience is what’s needed in the current climate and it’s very positive indeed that this research points to that being a reality for the future of the legacy market.”
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About Melanie May
Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via thepurplepim.com.