Recipients of legacy fundraising receive, on average, £207,000. Yet, less than 6.7% if charities receive income this way.
Discussing legacy giving with potential donors can be a tricky and sensitive topic, but research has shown that, if prompted, people are 50% more likely to leave a gift to charity in their will.
In our recent live discussion we examined how charities can make the most of legacy giving opportunities. Here is what we found.
Panel
- Scott Colvin – campaign director at Legacy10.
- David Hopkins – senior advisory manager: charities and grant making, at CAF philanthropy services.
- Stephen George – vice chair of the Institute of Fundraising and legacy consultant.
- Alex McDowell – head of legacy and tribute fundraising at NSPCC and chair of Remember a Charity.
- Helen Shepard – individual giving and legacy fundraising manager at Railway Children.
How can you introduce legacy giving at a small charity?
Shepard: We are a very small team here at Railway Children and legacy fundraising has very limited resources and budget. We started off by producing simple material to promote legacy giving that we distribute at events and hold on our website. We then looked at ways in which we could promote legacy giving through our existing channels and communications, in a sensitive way, either in our newsletters or with additional questions in our telephone calls. Limited investment yet valuable awareness are helping to build a receptive supporter base.
Dan Fletcher (commenter): It is important for small charities to encourage those closest to them to value gifts in wills. Your trustees and long-standing volunteers should have considered whether to include the charity in their will, and if they have, they will have a powerful voice when it comes to persuading others to do so.
George: Start with your leaders – they need to state its importance and encourage everyone to get on board. Train staff in how to have a legacy conversation. Create simple ways to give, a good web page, and create constant messaging about legacies. This approach is relatively cheap but creates the right conditions to do more when resources and priorities allow.
Will the ageing population help?
Colvin: The ageing population seems less significant than the rise in property values over the past 15 years, especially in London and the south-east. The potential for the legacies market is huge. More and more people will be in a position to leave money to a charity in their will.
George: It’s a positive thing, but we have to try harder and there is a long term expectation we need to manage. Some would argue the ageing population by itself will increase giving – while that may be true that’s far too passive. We should be aiming at inspiring a new generation in addition to educating and encouraging older givers.
Illustrating impact is common challenge
Legacy Voice (commenter): “If we can’t measure it, then why bother at all?” is a really common problem. Firstly, it is vital that your trustees understand the basic mechanics of legacy fundraising and that they have to disassociate income received today, with the marketing you are doing. A typical average of last will to death is four to five years but it can take another year or more to receive income from estates. And this is only the last will – we have no idea of when the legacy was first written. So it is really important that they see this as a long-term investment into the future of the charity, not a quick solution to financial challenges.
Hopkins: Legacies sit at the top of the triangle of all fundraising channels, in terms of the number of pounds raised for each pound invested. I’ve found this gets the attention of senior management and trustees – particularly when shown schematically (using Fundratios data). Being able to show that legacy fundraising is a very cost-effective, medium-long term pillar of fundraising can often open people’s eyes to the potential and I’ve found support often follows.
Are there any helpful schemes for a charity to join?
Christine Punter (commenter): When I was at a charity being part of Will Aid was definitely worth it. It was a product we could offer to supporters who had indicated that they were considering leaving a gift to the charity which therefore helped people actually action their intention (one of the hardest challenges in legacy fundraising). But also they got a reduced price will written by a firm which did so in exchange for a donation to Will Aid, meaning nine charities received significant income from the scheme.
Remember: it’s about life
McDowell: New academic research suggests that the memory of a loved one can influence legacy giving decisions. This may feel obvious; personal experience is likely to be a driver of any cause connection. But the extent to which our autobiographical experiences and familial values may influence legacy giving choices is a really interesting area. Of all donations, it’s arguably the legacy gift most reflects our personal values and our life story so these insights could influence the way we talk about legacies and the impact of these donations.
Katie Wim (commenter): I’m from Diabetes UK and I haven’t been in fundraising for long but the main thing that I’ve learnt is that leaving a gift in a will isn’t about death, its a special decision to make and should be celebrated. Gifts in wills are another way people can support a charity and we focus on what a gift can achieve for future generations.
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