The value of gifts left in wills to charities is set to grow dramatically over the next 20 years as baby boomers start to die in greater numbers, the Brisbane Times reports.
Those in their 50s and 60s are wealthier than their parents and are more likely to have fewer children, or no children, as beneficiaries of their estates.
New research by Legacy Foresight for Include a Charity estimates childless couples are four times more likely to leave a gift in their wills.
Legacy Foresight estimates that by 2040, the value of the money left in wills to charities will more than double in real terms after inflation.
John Carbery, who is retired and used to work in sales, decided to leave his entire estate in his will to the Prince of Wales Hospital Foundation, in Sydney, after his partner of 48 years died in April following long illness.
“It was an easy decision because I have no dependents and am so indebted to the hospital,” Carbery said.
“My story may encourage those who may not think about giving and are in a position to give,” he said.
A report by QUT and Swinburne University of Technology, showed more than 80 per cent of Australians donate money in their lifetime, however, just over 7 per cent of people leave money in their will to charities. The percentage has remained unchanged for the previous 10 years.
The Giving Australia 2016 by QUT and Swinburne found it is people aged 55-64, rather than those aged 65 plus, who had the highest level of including a gift in their will.
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Charitable giving through wills expected to double over next 20 years (Brisbane Times)
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