Legacy giving is more prevalent among millionaires who have children than those without, new research has found.
The study, commissioned by Remember A Charity and conducted by Savanta, surveyed 500 people who have more than £1m in investable assets.
Half of millionaires with children said they would leave gifts in wills compared to 42% of those who do not have children.
Overall, it found that 50% of millionaires had already left a charitable gift in their will, rising to three-quarters of those with estates of £5m or more.
Some 32% of the group had established a charitable will trust, with 28% donated using a donor-advised fund.
Meanwhile, 58% of those who had not included a charitable legacy in their estate said they were open to doing so, while 26% said they had not thought about it.
The research also found that only 31% of millionaires had an up-to-date will and 35% of those aged 55 to 65 did not have one at all.
Lucinda Frostick, director of Remember A Charity, said the research showed that high-value legacy giving is “even more prevalent” than anticipated.
“While this is certainly encouraging for charities, many of which are becoming increasingly reliant on donations from those with wealth, this also helps to reinforce to professional advisers just how relevant philanthropy is to their client base – and how crucial it is that they can support their clients in achieving their charitable legacy,” she said.
"However, the study also demonstrates that there are considerable differences in this market, where family is less likely to be seen as a barrier to leaving a charitable gift.”
Red tape deterrent
Meanwhile, separate research from wealth management firm Rathbones concluded that red tape is deterring wealthy families from leaving money to charities in their will.
The study surveyed high-net-worth families with average wealth exceeding £3m, 42% of which said financial and legal complexity prevented them from giving to charity in their wills.
Some 39% said a lack of knowledge about not-for-profit options prevented them from giving to charity in their wills and 26% admitted they were unsure where to begin.
Gemma Gooch, head of charities distribution at Rathbones, said: “Legacy giving is a vital lifeline for charities, yet our study shows many high-net-worth individuals are held back by complexity and a lack of guidance.
“By making it easier for donors to integrate philanthropy into their estate planning, we can help secure long-term funding for the causes that sustain our communities."
In response to the Rathbones report, a spokesperson for the Department for Culture, Media and Sport, said: "The government is determined to create a more supportive environment for philanthropy.
“Removing barriers and unlocking potential is a cornerstone of Our Plan for Change – we will work closely with the philanthropic sector so we can continue to grow the industry across the UK."
