“…somebody who is leaving a charitable gift needs to know that actually you’re going to need the money this year, next year and ten years’ time. So I think we’ve got a duty to set out as far as we can the fact that we’ve got long-term aims and objectives…”
- Michael Clark
In this episode we speak with Michael Clark, a Legacy Giving Expert, about how the pandemic and recent cost of living crisis have changed and may continue to change the landscape of legacy giving for charities. We also speak about the opportunities that charities have to develop legacy giving relationships with their supporters.
1. Baby Boomer transfer of wealth
Yes, Baby Boomers are passing their unprecedented wealth onto the next generation, and with this passing on of wealth there is an opportunity for charities to benefit. However, with a typical minimum of 7-10 years from when a will is made to when the will makers passes on, charities need to see this form of fundraising as a long term strategy.
2. We weren’t expecting a pandemic and an economic crisis
There are a number of factors which may well impact on the legacy giving market over the coming years. Currently we are approaching a 10% inflation rate here in the UK, and while many other countries aren’t quite at this level there is clearly a cost of living crisis. People are struggling, even those who may live in an expensive house because of the growing value of houses may still be cash poor. Michael talked about the influx of equity release schemes that many may be taking up over the difficult times ahead. We don’t know how the coming years will impact the legacy market, but Michael did share some sage advice with us.
3. The strategy for legacies
Charities should be bringing legacy giving into their conversations with all demographics of their supporters, not just the elderly. By normalising the conversations around legacy giving charities can not only demystify and detoxify this subject among their supporters, they can also help to create the vision among their supporters of what the charity might achieve in the future.
As part of building reciprocal relationships with their supporters over time, charities should be mentioning legacy giving. In fact, one of the reasons people don’t leave charities a gift in their will is because they haven’t been asked. Charities should make it as easy as possible for supporters to leave a gift in their will, both in terms of the mechanics of perhaps a free will writing service, but also the messaging of hope for the future. Charities need to have a vision that can take their supporters long into the future, and past their lifetime.
This episode of Charity Chat has been brought to you by our platinum sponsor Work for Good. Work for Good believes everyone should be able to turn the work they do into good. Through their fundraising platform, they offer charities a way to engage and work with small businesses, including founders, owners and sole traders who want to make an impact for charities through their sales. To find out more, please visit workforgood.co.uk.
We hope you enjoy this week’s episode
Related episodes that you may be interested in:
E135 - Conflict Free Legacy Giving With Andrew Wilkinson
E122 - Time for Legacy Giving With Jon Brewer
E26 Legacy Giving with Michael Clark