Charities of all sizes need to look to the long term as well as short term fundraising projects, according to Thursfields Solicitors.
Senior associate solicitor Katherine Ellis, who previously spent three years in London working as a solicitor and legacy manager with the British Heart Foundation, said it was not just big national charities that could reap the benefit of playing the long game.
According to research by Legacy Foresight, legacy income is forecast to rise by 2.6% from £3.2 billion in 2019 to £3.9 billion in 2024.
Katherine Ellis said: “There is no reason why it should be only the large national charities which benefit from this anticipated increase in legacy giving. For those charities not already receiving gifts in wills, or those which do but wish to further expand this income stream, now is the time to act.
“Many charities have a legacy giving programme as part of their long term strategy, however often this never develops.
“Usually this is because either resources end up being diverted to other forms of fundraising which deliver more immediate, short term results, or because tackling a brand new gifts in wills project can seem an overwhelming task.
“What this research shows is that while other forms of fundraising do often achieve quick returns for the charity, the income generated from gifts in wills is often far greater. There is no doubt that legacy giving is a long term strategy for charities but once in place the financial benefit for the organisation is, more often than not, huge,” she said.
Thursfields Solicitors has a particularly strong presence in the charities market, with extensive experience enabling the team to provide a full range of legal services to charities.
Legal 500 described Thursfields’ charities team as “courteous and knowledgeable”, and said that it “quietly goes about its business, letting their work do the talking, all the while giving clients the confidence they need.”
For further information, please contact Katherine Ellis on email@example.com, or call 0121 231 3230.