Austria's Inheritance Law Knowledge Gap Threatens €41 Billion Legacy Boom
A recent survey reveals a concerning lack of understanding about inheritance law among Austrians, with nearly 60 percent feeling poorly or not at all informed. This lack of knowledge often leads to invalidated wills due to formal errors or legal contradictions. Meanwhile, bequests play a significant role in Austrian philanthropy, with a substantial portion of the population now considering including nonprofits in their wills.
The total volume of inheritances in Austria stands at €21.5 billion annually, projected to nearly double to almost €41 billion by 2050. On average, a legacy gift benefits between three to seven organizations, with individual amounts typically ranging from €50,000 to €100,000. Last year, Austrians donated €115 million through bequests, accounting for roughly one-tenth of the country’s total charitable giving.
The 'Forget-Me-Not' campaign, uniting around 100 nonprofit organizations, has seen a significant increase in support. This includes 'Light into Darkness', where bequests have accounted for between 5 and 10 percent of total donations in recent years. Environmental and animal welfare causes, followed by health and social services, received the largest share of these bequests. This trend is expected to continue, with demographic trends indicating an increase in the importance of legacy giving in the coming years.
With the total volume of inheritances set to nearly double by 2050, and more people having no surviving heirs, the role of legacy giving in Austrian philanthropy is poised to grow. As awareness about inheritance law increases, and more Austrians consider including nonprofits in their wills, the impact of bequests on various causes is likely to be substantial.
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