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Legacy income could drop by 15% in 2020

By August 19, 2020National News

From Civil Society

Charities’ legacy income could fall by up to 15% this year, according to estimates by a legacy consortium.

Legacy Foresight has revised its five-year projection for legacies. It said that the decrease in legacy income caused by the pandemic could be between 1% and 15%, less than initially expected. Its June projection estimated a drop between 4% and 23%, while the April one was even more pessimistic with a projected loss between 8% and 27%.

The tracker takes into account a range of aspects that could influence legacies’ performance, including the overall economic outlook, demographic factors such as an increase in the number of deaths, and administrative factors.

The estimate was revised up because the administrative delays caused by the Covid-19 lockdown have been less severe than expected, thanks to legacy administration teams’ ability to adapt. However, Legacy Foresight also said that between April and June its consortium of 82 charities received 9,000 notifications less compared to pre-pandemic forecasts

To read the full article go to Civil Society

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