Legacy Foresight claims wills market is set for growth

Despite a fall in legacy income in 2010, the market is predicted to grow by 3.1 per cent each year until 2015

Last will & testament
Last will & testament

The legacy market is projected to grow by an average of 3.1 per cent per year between 2008 and 2015, according to the latest figures from Legacy Foresight.

It has made the prediction even though the 42 members of the consortium that provide data for the monitor, which represent 47 per cent of the charity legacy market, received 1.4 per cent less in legacy income in the year to June 2010 than they did in the previous 12 months.

Chris Farmello, director of Legacy Foresight, said the main reason for the projected rise was the number of charitable bequests increasing year on year and the fact that house prices were projected to remain flat next year.

The report says that, given the economic outlook, it will be more important than ever for charities to encourage more people to leave charitable wills and for them to encourage people to leave more to charities.

"The emphasis should be on getting the number of people up, though, because the value of people's bequests has been knocked and it isn't going to grow at the rate it has in the past," Farmello said.

Legacy Foresight is looking for new members to join the monitor in 2011.

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