Introduce “living legacies”
This is an umbrella term for various charitable giving vehicles available elsewhere around the world (most notably the Charitable Remainder Trust in the US), which allow people to give a capital gift while still alive from which they continue to receive income for a
set period of time (or until death, if that comes sooner).
This enables many ‘mass affluent’ donors to give a legacy-style gift whilst still alive, safe in the knowledge that they still have the financial security of an income.
The ability to “bring forward” future legacy gifts in this way could be beneficial for many charities during the current crisis and the process of subsequent rebuilding. There is evidence from at least one will-writing service that there has been a huge spike in the numbers of people including
charitable gifts in their wills in recent weeks, so a product of this kind may tap into a significant unmet need. Furthermore, unlike a traditional legacy gift, which can be changed up until the point of death and can be challenged after, living legacy gifts can be designed with firmer legal guarantees so that even if the recipient charities do not receive the capital immediately, they can put it on their balance sheet and borrow against it if need be.
Living legacies have been proposed in the UK a number of times, but have stalled due to lack of political will and a sufficient evidence base that they are needed. Once again, given the changes in the political landscape in recent weeks and the huge imperative that comes from the funding crisis facing the charity sector, this should be revisited.