The long term forecast is very strong - Legacy Giving Report 2025

Today I attended a webinar to launch the Legacy Giving Report 2025, and my notes from the excellent presentations by the speakers, Ashley Rowthorn, Kath Horsley and Mark Pincher, are below.

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Bequests are up as the probate backlog clears.

Timelines from death to probate have reduced.

More straightforward process between death and notification but taking longer to get from notification to cash. One reason is house price volatility.

Also an increased likelihood of people leaving charitable bequests:

Average residual (% of estate) gift is £65,000 and pecuniary (specific gift amount) gift average is £4,500.

More pecuniary gifts than residual but 91% of income comes from residual gifts.

3,000 of 114,000 gifts are “effects” – can be anything.

Affluence is a key driver to legacy giving:

Over half of gifts from southeast and southwest.

Nearly 40% of bequest leavers made one gift. Normally only one or two.

Dominant cohort is now the war babies and will be for some time to come. Baby boomer cohort also growing fast though.

Top charities by legacy income: 39% to health, Other 18%, Animals 16%, conservation 8%…

Others is growing fastest (includes RNLI)

Arts & Education has grown by 15%, air ambulances 12% rise.

Top 10

1: Cancer Research UK

2: RNLI

3: British Heart Foundation

4: Macmillan Cancer Support

5: RSPCA

6: National Trust

7: Guide Dogs for the Blind

8: Salvation Army

9: PDSA

10: Dogs Trust

Key trends: animal causes on the rise (e.g. Battersea), conservation making noise, education sector making a surprise comeback, health is holding firm (still dominates in the top 10).

Future market outlook:

Continuing global conflict, new UK government, changes to inheritance tax, Donald Trump election (tariffs affecting global markets), conflicts in Gaza and Ukraine – all leading to uncertainty – and wider divergence between pessimistic and optimistic forecasts.

But still a relatively positive short term forecast. 2024 was exceptional so slight drop likely in 2025. House price projections still positive.