Charities will suffer funding shortfalls as the COVID-19 stock market crash depletes the value of estates that charities inherit from high net worth individuals, according to UK private client law firm Wilsons.

Wilsons explained that previous drops in the stock market have led to a decrease in the number of high-value legacies being passed on to charities upon death.

The number of estates that made transfers to charities on death with a value greater than £1 million decreased to 2,328 in the latest year, down from 3.630 the previous year. This follows the last significant drop in the sto...