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Institute of Legacy Management Simon West CEO

Institute of Legacy Management Simon West CEO. Fundraising from legacies can essentially be divided into two separate but interrelated areas: 1) Legacy Marketing 2) Legacy Administration (aka Legacy Management). What is Legacy Administration?. There is no authoritative definition

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Institute of Legacy Management Simon West CEO

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  1. Institute of Legacy ManagementSimon West CEO

  2. Fundraising from legacies can essentially be divided into two separate but interrelated areas: • 1) Legacy Marketing • 2) Legacy Administration (aka Legacy Management)

  3. What is Legacy Administration? • There is no authoritative definition • However, it may be described as: • “A professional and proactive approach to ensuring that your charity receives the optimum amount that it is legally entitled to under the testator’s Will.”

  4. Professional and proactive approach can be juxtaposed with the expression ‘Banking and Thanking’

  5. Examples of how charities seek to protect and optimise their interest in an estate: • Initiating contacting with personal representatives (this is where the new Will Gifts Notification Service will be invaluable). Schedule of Assets and Liabilities is important • Influencing the disposal of assets (e.g. property sales, investments, chattels) • Taking steps to avoid tax liabilities • Identifying and acting upon evidence of fraud/undue influence • Defending claims that may affect the charity’s entitlement under the Will • Scrutinising estate accounts for errors and omissions

  6. The adoption of a professional and proactive approach is perhaps more easily understandable in the context of residuary legacies and reversionary interests but it is also applicable to pecuniary legacies.

  7. Some charities have estimated that taking a professional and proactive approach to managing legacies adds between 5 and 10% to legacy income that they receive annually. • This percentage ‘Added Value’ is important for Legacy Managers/Administrators.

  8. The Benefits of Added Value • Being able to measure and communicate what contribution you as legacy professionals are making to your organisations has certain advantages: • Formulating business cases for additional staff • Justification for investment in training and development (e.g. joining ILM!!!) • Convincing employers that you are worthy of a pay rise - particularly significant for those people working in charities where legacies are seen as a purely administrative function (banking and thanking again!!!) and where the job has been graded at that level

  9. About ILM • Exists to support this professional and proactive approach and to encourage our members to be professional and proactive responsibly • Offers a variety of course each year which aim to teach charity legacy officers how to get the most from their legacy income and operate properly within the legal framework. Such courses include: • Beginner, Intermediate and Advanced Legacy Management • Mediation • Fraud and Problematic Executries • Non-UK Jurisdictions • Offers a qualification in charity legacy administration in collaboration with the College of Law. • Shapes the legal environment (e.g. lobbying) • Stresses and teaches the importance of positive PR

  10. About ILM • Over the last 12 months we have been delighted to welcome two new members from Northern Ireland and Cleaver Fulton Rankin as a Corporate Partner • www.legacymanagement.org.uk

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