A FirstClass approach to bequest management
It's been nearly 3 decades since we first launched our bequest (Gifts in Wills) management software FirstClass, which was designed by charities for charities to improve the bequest administration processes, optimise their income, and help them to build the profile of their charity brand for future legacies.
Over that period of time, we’ve become very familiar with bequest gifting and everything delivering effective bequest management strategies entails, as well as maximising bequest giving as a form of income.
But what is bequest giving, why is it important, and how can charities benefit from having a bequest management system in place?
A brief overview
Bequest income is booming, with recent research showing a 43% increase in Gifts in Wills in the last decade. In fact, it has been on an upward trajectory for as long as FirstClass has been in this arena. There is a considerable opportunity to be found, with legacy income predicted to measure up at an estimated £3.9bn a year from 2022-27.
Why is bequest giving important?
Co Op Legal Services reports that only 6% of people leave a gift to a charity in their will, however 35% of those aged over 40 would be happy to do so, which suggests that that there appears to be a huge – and potentially untapped – market when it comes to bequest gifting.
Having worked alongside charities for many years, we know that there are many who work exceptionally hard to ensure that their bequest pipeline is not only firmly in place, but also well-managed. Once a charity has built a bequest profile and is receiving Gifts in Wills, here are five key points to consider when implementing a bequest management solution.
1. Collecting & Storing information
There is an incredible amount of data that is collected during an administering process including financial, biographical, communications and timeline data. All of this data needs to be organised and accessible in structured logical format. The consequences of this are that process can be cumbersome, time consuming and ineffective which could lead to a loss bequest income.
2. Accessibility & Security
There is a lot of sensitive information included when administering a bequest, therefore the system should be governed with different levels of access to ensure the right people can access and update the information they need when and where they need it.
3. Processing & Updating records
Bequest gifting can be complicated. There are generally multiple people within a charity inputting and progressing a case, all of which needs to be logged in order to provide a true and chronological picture. And then there’s communication from external parties, such as solicitors, which also needs to be recorded. With a bequest management platform, all contact history can be instantly accessed and updated. Not only that, but you can also add permissions so that only those who need to access what might be sensitive information can do so.
4. Balance the books
With bequest management software, you can record a giftor’s individual assets, cash, property and investments alongside draft and final estate accounts. By storing everything in one place, you’re able to maintain full visibility of anything and everything that your organisation is due. With FirstClass, we’ve created an Estate Valuation tool which allows you to do just that. We’ve also incorporated an inheritance tax calculator, which provides users with enough detail to leverage the amount of tax that can be reclaimed from HMRC.
5. Reporting
Whether you need to analyse market trends for gifting, establish what level of organisational spending and investment your bequest programme will support for the forthcoming year, or simply need a true and accurate bequest income report for that all important board meeting, good bequest management software will allow you to do just that in a matter of minutes.
Thinking about maximising your organisation’s bequest gifting programme? Interested in speaking with the market leader in bequest management software?
Contact the FirstClass team of specialists.
