Legacy bequest numbers grow 7%, according to latest consortium data
Melanie May | 23 September 2024 | News
Annual charitable bequest numbers have grown by 7%, reaching 62,100 in the year to June 2024, according to the latest data from Legacy Futures.
The Legacy Futures quarterly Legacy Monitor compiles data from its consortium of 81 UK charities, which represent almost half of the charity legacy market.
Legacy Futures attributes the growth in bequests primarily to continuing improvements in the probate process at HM Courts and Tribunals Service, which it says is continuing to process more grants than applications, so reducing the backlog of cases.
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Legacy income up +1%
Legacy income reported by the consortium members in the latest year to June 2024 was also up +1% on the previous year.
Average gift values for residual gifts fell slightly by 2.5% to £64,400, linked to a cooling housing market, while pecuniary (fixed monetary) gift values remained static as they have done for the past year.
Ashley Rowthorn, CEO of Legacy Futures, said:
“Looking ahead, the increase in bequests from probate and a more optimistic outlook on house prices lead us to expect the legacy market to remain resilient, with modest growth through the rest of 2024.
“This is encouraging news for the charity sector, which has faced significant challenges in recent years due to the cost-of-living crisis and delays in probate. The stability we’re seeing in the legacy giving forecast enables charities to plan more confidently for the future, making decisions and laying out strategies with a degree of insight into how legacies are predicted to perform.”
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.