This week will probably pass without much fanfare. You are not likely to see parades or hear speeches from politicians. So, how should we mark National Estate Planning Awareness Week? According to the resolution passed by the U.S. House of Representatives in 2008, we should dedicate every third week of October to recognizing the value of estate planning and encouraging its practice.
As a planned giving professional, you know that charitable giving can play an important role in a donor’s estate planning. Therefore, this week is an appropriate time to reflect on the relationship between estate planning and charitable giving.
1. Remember that you have a role to play in estate planning.
Each of us should have a plan for distributing our assets at death—including those who don’t see themselves as wealthy enough to worry about it. For many people, a gift through a will or living trust is the perfect opportunity to make a truly meaningful impact on your mission. You can:
• Remind potential donors of the importance of having a will.
• Emphasize the specific ways they can help further your mission with a gift that is simple, flexible, and comfortable, letting them keep lifetime control of their assets in case they are needed.
• Offer a complimentary will and estate planning guide to help donors tackle what can feel like an overwhelming task.
• Encourage donors to meet with their attorney and other advisors and take concrete steps toward shaping the legacy they want to leave.
Careful estate planning can greatly assist Americans in preserving assets built over a lifetime for the benefit of family, heirs, or charities.
2. Cultivate relationships with allied professionals.
Allied professionals are those who work with your donors to manage their assets, plan their wills, and serve their families. They include accountants, attorneys, financial advisors, and insurance representatives. Do you have relationships with allied professionals in your community? Do you know the names of the allied professionals who serve individual donors? Because gift planning can be a particularly rewarding part of estate planning, cultivating relationships with allied professionals can be helpful to them and your donors. You can:
• Strengthen relationships with allied professionals by hosting or sponsoring seminars about how gift planning can help their clients meet important goals or by sending an informative newsletter tailored to their interests.
• Emphasize your desire to take a team approach to meeting donors’ needs.
It is estimated that 56% of Americans do not have an up-to-date estate plan.
3. Assess your effectiveness in promoting and facilitating legacy gifts.
National Estate Planning Awareness Week is a good time to consider how you can serve donors by reminding them of the ease and impact of making legacy gifts. You can:
• Review your donor communications—mailings, emails, web content—to ensure you’re sufficiently emphasizing the opportunity for donors to make powerful future gifts that cost them nothing today, whether through a will or living trust or with a charitable beneficiary designation.
• Incorporate these easy, flexible, revocable gift options into face-to-face conversations.
• Provide support to donors who are considering these gifts, from free informative brochures to easily accessible bequest language for attorneys.
• Acknowledge and honor those donors who create legacy gifts—make sure they feel your gratitude for their generous and thoughtful support.
During this week, we are particularly aware that estate planning and charitable giving go hand in hand. By reminding potential donors of the importance of will and estate planning, fostering relationships with allied professionals, and assessing the effectiveness of your planned gift marketing and gift facilitation, you can help supporters shape their legacies and benefit an organization close to their hearts.
