Find out more about legacy giving
What is a legacy?
A legacy is any gift (monetary or asset) left in a person’s Will; an instruction for part of your estate to be given to an individual or organisation after your death. More and more people around the world are leaving legacies in an increasingly diverse way. More and more people are planning to give a death time gift which lies outside their Will and Estate.
The trouble is so many people think the whole subject of “getting a Will” is horribly difficult, involves lots of horrible decisions and is impossibly hard to complete. What a load of rubbish.
The reality is – it is all incredibly simple. Yet so many charities fall into the trap of providing ‘legal definitions’ and talking in “legal language” which confuses and disengages potential donors.
Let’s turn prospects ON and let’s inspire people with passionate language.
Let’s make it easy.
Our focus in our work is to get prospects to take action
The value of legacy giving
Legacy fundraising is the single biggest source of voluntary income to charities and nonprofit organisations in the UK and many other nations.
- In the UK £2.044 billion is raised via legacies each year
- In the USA legacy giving provides circa $19 billion a year
- In Canada the figure is circa $1 billion
In 2010, worldwide, 55 million people died.
By 2050 this figure will reach 90 million per year.
We are an aging population, it’s the perfect time to ask for legacies for every charity around the world.
People think it’s all about death but it’s not. Legacies are life driven and only death activated. This is an incredibly positive and empowering message for people who can fulfil their philanthropic dreams by leaving a legacy.
Each culture, religion and country has different Will making and legacy giving traditions, so it’s important to know your market and review your stakeholders to ensure that privacy is not intruded.
In most developed countries, such as the UK, USA, Canada, Australia, or New Zealand, we know that 45% – 50% of adults at any given time have a Will in place. However, there are exceptions to the rule and in some parts of Europe, due to Napoleonic inheritance laws, there is little motivation to make a Will because legally there are definitive rules concerning family inheritance. In France for example, only about 5% of the adult population have a Will.
Radcliffe Consulting is continually researching country markets. Having taken legacy fundraising to Russia, we feel it would be a hard ask to develop this source of income in the longer term because giving in this way is just not in Russian culture. But in other countries (and excluding developed countries in fundraising terms) like Belgium, Czech Republic, Switzerland, Italy, Spain, France, Netherlands, Israel, Sweden, Norway, Denmark, Thailand, Malaysia to name a few, the potential is truly exciting.
Legacy donations are a vital source of income for many nonprofits.