Could people give away 1% of their estate to charity in their will?
That was one of the questions posed by Richard Radcliffe, one of the world’s leading legacy experts at a recent CFI event. When solicitors and advisers have such a discussion, he said that many people, will, in fact, give more, but a key point is that is a great starting point for a discussion with clients.
Richard spoke about the importance of professional advisors in helping to increase the amount of monies left to charities in general and also to community foundations specifically – which in turn helps the broader population. Estimate range from €26m to €40m of how much is left to charities in Ireland in wills annually and there is great scope to increase this.
The very first community foundation was established specifically as a vehicle to leave wills to – to provide flexible funding for the local community to address whatever were the key needs of the day are. The Community Foundation for Ireland knows of a number of individuals planning to support it in their will – including members of the board and staff and others – and is now seeking to reach out to a broader population – both high net worth individuals and people with a real grá for their community.
Attendees included solicitors, wealth managers, tax advisors and more, including many of the CFI Professional Advisors Philanthropy Network. Thanks again also to Goodbody Stockbrokers for hosting this event.
Read more about the CFI and legacies on our website here.
About Richard: He works with Smee & Ford’s team of reporters read over 5,000 UK wills every week and notify its charity clients of any will in which they are mentioned. Smee & Ford is a part of Wilmington Group PLC. He has a unique insight into the wishes of people and how they approach their wills. Richard helps develop legacy strategies from the global to the very small. He has a particular insight into the potential of legacies for community foundations as he was instrumental in helping set up the earliest community foundations in the UK.