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The business case for having a gifts in Wills strategy has never been more important…
On average 160,000 Australians over the age of 65 pass away annually. Just over 90% having a valid will and plans for their estate.
11% of Australians over the age of 55 with a Will have left a gift to charity, and another 30% are considering it.
15% of all income recorded in the 2018 Pareto Fundraising Benchmarking Report was sourced through gifts in Wills – the third highest private fundraising source.
Many of the current charitable bequests come from gifters who do not have children and want to leave their estate as a legacy to positively impact communities. The number of people without children is expected to increase over the next 30 years.
Typically, the average bequestor is childless at the time of their passing, looking to leave their estate as a legacy that will impact communities everywhere. This number will only rise as economists predict a dramatic increase in those without children over the next 30 years.
With gifts in Wills being realised approximately 7-10 years after confirmation, this area needs to start being developed now.