The number of legacy bequests to charities reached almost 60,000 over the last year, the highest annual number recorded.

The figures for the 12 months to March this year have been released by Legacy Futures based on data from its Legacy Monitor consortium members.

The record number of bequests has seen the value of legacy gifts rise 1% to £1.81bn.

Improvements in the probate process brought in by HM Courts and Tribunals Service (HMCTS) are a factor in the growth in bequests, Legacy Futures said.

It is predicting that the legacy market will “remain resilient and show flat or potentially slow growth” for the remainder of 2024.

HMCTS improvements taking place include enhancing information provided to charities around probate details and more in-depth reporting on estates. Institute of Legacy Management chief executive Matthew Langden predicted last year that the new measures would help charities to better forecast legacy income.

“Charities and supporters alike have felt, and are still feeling, the impact of the ongoing political instability and cost-of-living crisis,” said Legacy Futures chief executive Ashley Rowthorn.

“Add to that the delays at probate, and legacy giving, although still a reliable income stream for charities collectively, wasn’t seeing the levels of growth that had previously been predicted.

“It’s great news for charities therefore that bequest numbers have reached a record high and that efficiencies at HMCTS have started to improve.

“Income resilience is what’s needed in the current climate and it’s very positive indeed that this research points to that being a reality for the future of the legacy market.”

Last month Legacy Futures revealed that spending on legacy fundraising by charities has increased by almost a third between 2021/22 and 2022/23.

It estimates the overall return on investment for legacy marketing is £15 for every £1 spent.

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