Leading legacy strategists’ review of 2023 paints a positive picture
In its annual review of legacy income trends, Smee and Ford report that revenue from legacies has never been higher.
The review of 2023 will make good reading for those involved in the charitable sector, with all the indicators continuing on an upward trajectory.
These are the stand-out findings of the report:
- Estimated total legacy income in 2023 reached £3.9 billion, an increase of 3.2%.
- The value of charitable estates rose by 1.2 billion.
- The total number of charitable estates increased to over 38,000.
- Nearly 11,000 different charitable organisations were mentioned in Wills.
- Almost 14% of probated Wills contained a charitable legacy.
Interestingly, the pattern of legacy giving is not uniform throughout the whole of England and Wales. The south-west and the south-east lead the way, with 1 in 5 Wills containing a charitable legacy in these regions.
The researchers anticipate that the four billion pound legacy barrier will be broken in 2024.
Legacy dispute lawyer, Naomi Ireson, said that this was excellent news for the charitable sector, noting that while the cost-of-living crisis will impact charitable fundraising, the legacy income itself is likely to be resilient.
Obviously, with increased levels of legacy income being generated comes an accompanying rise in the number of legal disputes. If you are facing a challenge to the validity of a Will or an Inheritance Act dispute, then our team of specialist lawyers are here to help.
