Despite the world recently being captivated by watching Captain Tom Moore raise more than £32,000,000 for the National Health Service, charities across the country are now bracing themselves for extreme financial hardship following the Covid-19 pandemic.
In the final quarter of last year predictions were looking healthy for legacy donations to UK charities due to more Wills being executed and an increase in charity bequests being included. Analytical firm, Legacy Foresight predicted legacies could have reached new heights and even went so far to report; “donations to UK charities will be worth twice as much in real terms in 25 years’ time”.
However, due to the hard-hitting financial impact of the Covid-19 pandemic, charities now face a different financial landscape and Legacy Foresight have now issued revised figures to predict that legacy income for charities is expected to decrease by around 27%.
With the reduction of legacy bequests and a fall in regular charity donations, charities are having to drastically rethink the coming year and the plans they had in place. For example, Breast Cancer Now have announced that they have been forced to cancel their next two research grant funding rounds due to the economic uncertainty. The charity will spend at least £2m less on its research in 2020-2021.
Barrett and Co are proud to work alongside the National Free Wills Network, supporting 146 charities during these difficult times. The National Free Wills Network Scheme is still running during the pandemic and Barrett and Co are offering meetings for clients over the phone, online face to face meetings via Zoom and occasional garden appointments in peoples’ homes, whilst observing social distancing measures, to ensure we can meet our clients’ requirements.
If you would like to make a Will or make a change to your existing Will to support a charity, Barrett and Co are here to help. If you would like to make an appointment, discuss the National Free Wills Network Scheme or discuss any other matter, please do not hesitate to telephone 0118 958 9711 or email [email protected] and someone from the team will be in touch to assist you.
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Juliette Spanner is an Associate of the Chartered Institute of Legal Executives and works in the Private Client department at Barrett & Co.
If you would like to get in touch with Juliette or have a question for her regarding her area of work, please email her at [email protected] or call her on 0118 958 9711.