The growing success of legacy giving has been a feature of charity sector news for a little while now. Reports have shown that it is becoming increasingly lucrative, supporting many organisations in their fundraising efforts and bringing valuable money into the sector.
But is legacy giving as good as it sounds and is there a catch? This article will explore the funding stream’s recent success and what it takes to set up a successful legacy giving programme.
Legacy Giving on the Rise
Smee & Ford’s most recent Legacy Giving Report shows that legacy giving is on the rise. Income from these gifts hit a record £4.5billion in 2024, a 9% increase from the previous year. Bequests rose by 15% and as many as 39% of wills named one charity that would receive a donation.
The report also highlighted the substantial nature of legacy donations. In 2024, the average pecuniary gift (a specified amount) was £4,500 and average residual gift (a proportion of unallocated money in a will) was £65,000. It would take 75 years for an individual donating £5 per month to reach the average pecuniary figure.
Alongside high returns, strong performance is expected to continue. Smee & Ford predict that legacy giving will continue to grow at an average rate of 2.8% over the coming years, seeing income reach £5billion by 2030 and £10billion by 2050.
The report is supported by the performance of recent legacy campaigns. Octopus Legacy’s ‘Free Will’ campaign in spring 2025 saw huge success, raising over £15million at an average of over £150,000 for the 100 charities taking part – an increase of over £50,000 from the average amount raised last autumn. With the number of wills written during the campaign up 115% on the autumn 2024 campaign, it seems legacy giving is entering its heyday.
Scope for Expansion
The charities engaging with legacy giving are growing in variety. Until recently, legacy giving has been concentrated in certain areas such as health and animal welfare charities. Indeed, health related charities accounted for 38.6% of legacy giving in 2024 and some animal welfare charities saw legacy giving account for as much as 50% of their annual income.
This is beginning to change and the evidence suggests that legacy giving is expanding into other areas. Arts and education charities are currently seeing the fastest growth in legacy giving at 15.3% annually, with environmental protection charities at 7.5%.
Experts also predict that legacy giving might be further incentivised by the government’s recent changes to inheritance tax (IHT). The decision to freeze the threshold at which IHT is introduced and the removal of an exemption for pension wealth from April 2027 is expected to see the proportion of estates qualifying for IHT increase by 5.2%. This means more individuals might be interested in legacy giving as a way of reducing their tax liability and giving something back in their will.
This change comes at a time when Smee & Ford are seeing the importance of Baby Boomers (born 1946-1964) grow in relation to legacy giving. They found this generation accounted for 21% of bequests in 2024 and expect they will dominate legacy giving by 2035. Given this generation is estimated to hold as much as 80% of the UK’s wealth, there are significant growth opportunities for legacy giving in the coming years.
To summarise, the success of legacy giving in recent years shows no signs of letting up anytime soon.
What’s the Catch?
This glowing review of the state and potential of legacy giving might lead some to question why any charity would not be interested in this type of fundraising. This section will look at some of the caveats that will shape and determine the success of any legacy giving programme.
Careful Management
Legacy giving is tightly connected to a topic we often find difficult to discuss: death. Any mention of legacy giving will naturally lead individuals to think about and consider the ideas of death and passing. For many, these can be incredibly difficult topics to contemplate.
As such, legacy giving is an area of fundraising that must be tightly managed, carefully deployed, and constantly evaluated. Organisations that fail to understand the sensitive nature of the topic risk alienating supporters and beneficiaries and asks must be carefully developed, well thought through, and professionally and delicately raised and discussed.
All of this means that the successful utilisation of legacy giving requires an investment of time and resources to strike the right balance. Fundraisers need to be upskilled (something our training programme below can offer) and given adequate time to build and, as importantly, sustain and nurture a legacy giving programme.
For many charities in the sector, especially small organisations, the necessary time and resources may simply not exist to meaningfully engage with this strand of fundraising.
The ongoing struggle to recruit legacy fundraisers also complicates things. In 2024, Legacy Futures issued a survey to senior legacy marketers in the largest UK charities, asking them about the state of the job market and expertise in the sector. The following report found that 75% of respondents felt there was a shortage of adequately skilled candidates. Without the necessary skills, launching a legacy fundraising campaign can seem like a daunting task.
The Pay Delay
Another key element of legacy giving to understand is that results often take years to materialise. Launching a legacy giving campaign will not see a return on investment for several years, with individuals first needing time to think about the idea of leaving a gift, then commit to making a legacy donation, and finally, for that gift to be processed in probate.
As above, for charities facing financial difficulties today legacy giving is something they may well lack the time and resource to engage with.
What’s Next For Your Organisation?
To conclude, whilst legacy giving is a hugely promising fundraising stream and looks set to go from strength to strength over the next decade and beyond, it is not something that can be deployed overnight. Legacy giving is a hugely personal and often emotional act that requires time for careful deliberation on the part of the individual and organisation.
For any charities thinking about engaging with legacy giving, time must be reserved to properly plan, launch, and manage the ask. The topic requires sensitivity, professionalism, and tact to work well.
If you are looking to get started with legacy giving or are interested in developing your skills, our Legacy Fundraising programme offers the perfect opportunity to learn more and begin a campaign. Click here for more information.
About the author...
Thomas Williams
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