In the classic movie The Wizard of Oz, Dorothy clicks the heels of her ruby-red slippers and wishes to return to her beloved Kansas, repeating, “There’s no place like home.” Ultimately, she finds herself there, surrounded by people who care deeply about her. It is a happy ending.
August is National Make-a-Will Month. Unlike Dorothy, your donors cannot make magic happen with a wish and a click of their heels. However, by making a will, they have the power to write their own happy ending—one that will benefit their loved ones, friends, and the charities they care about. Reminding donors of this opportunity also opens the door to discussions about including charitable giving in their will and estate planning.
According to Giving USA 2023: The Annual Report on Philanthropy for the Year 2022, giving by bequest amounted to $45.6 billion in 2022, or 9% of total giving.* The report also estimated that bequests from estates with assets less than $1 million comprised approximately 26% of the total charitable bequest value in 2022, or $11.86 billion. What does this mean to the planned giving professional? First, charitable bequests are a good gift option for everyone, not just the very wealthy. And second, it is an excellent idea to include charitable bequests and will planning in your planned gift marketing.
When you remind donors of the importance of having a will, you provide an important service. After all, a will (or revocable living trust) is a way to:
• gain peace of mind about the ultimate disposition of property
• document highly personal ways to care for family members and friends in the future
• make a comfortable charitable gift commitment, retaining control of the gift assets during life with the ability to amend the gift if goals or needs change
There are several ways to encourage donors to consider will planning that includes charitable giving:
1. Talk about will planning consistently.
Emails, postcards, mailers, or newsletters can all address this important topic in a way that benefits the donor and your organization. Even when will planning is not the primary focus, it is easy to include a short callout or reminder. Have you considered including us in your will and estate planning?
2. Offer to make will planning easier.
Many people procrastinate making a will because the task seems daunting. You can help. Providing a will planning guide to donors makes it easy for them to take the first steps toward creating a will and/or including your organization in their planning. (Request a sample Will and Estate Planning Guide.)
3. Highlight a bequest’s inherent flexibility.
Of course, a gift in a will is flexible because it can be changed, but it is also flexible in how it can be set up. Donors can designate a charitable gift in the way that best fits their personal planning—a specific amount or asset, a percentage of the estate, or what is left in the estate after all other obligations are met.
4. Describe the potential impact of the gift.
A gift in a will is easy and flexible, but motivating donors to make the bequest may depend on reminding them of your meaningful work and showing them just what their gift could accomplish. What programs could be started or sustained? Who would be helped?
5. Remind supporters of other easy legacy-shaping gifts.
For example, naming your organization as the beneficiary of a life insurance policy, retirement account, or financial account is just as simple and flexible and can have a similar impact.
National Make-a-Will Month serves as a good reminder of the benefits of having a will. It’s up to you to remind donors of the important connection between creating a will and leaving a charitable legacy. While donors can’t click their heels and wish a planned gift into existence, they may discover there is something magical about making a gift that impacts future generations in personally meaningful ways.
*Giving USA 2023: The Annual Report on Philanthropy for the Year 2022 is a publication of Giving USA Foundation, 2023, researched and written by the Indiana University Lilly Family School of Philanthropy.
