Three in four (75%) of those with estates of £5m or higher have already included a charitable gift in their estate planning, according to new research.

Half of those with over £1m in investable assets have included a charitable gift in their will, according to a study from Remember A Charity.

A third (32%) of 500 people with over £1m in investable assets surveyed by the study have established a charitable Will Trust, and three in 10 (28%) had used a Donor Advised Fund in their estate planning.

Among those who had not already included a charitable legacy in their estate plans, 58% said they were open to doing it and 26% said they had not thought about doing so.

The majority of those who had left a legacy said they were prepared to leave a fixed sum, with just 26% choosing to leave a percentage of their estate to charity.

Charitable gifts within estate plans were slightly more prevalent for those who have children (50%) than for those who did not (42%).

A quarter of those surveyed said they were in the process of writing or updating their will, which Remember A Charity said reinforces the opportunity for financial advisers to have conversations with clients about integrating charitable giving into estate planning.

Lucinda Frostik, director of Remember A Charity, said: “While this is certainly encouraging for charities, many of which are becoming increasingly reliant on donations from those with wealth, this also helps to reinforce to professional advisers just how relevant philanthropy is to their client base – and how crucial it is that they can support their clients in achieving their charitable legacy.”

Charitable gifting can also lead to tax incentives. Donations are tax free and if 10% or more of the net value of the estate is donated, this can reduce the inheritance tax rate from 40% to 36%.