Valuable opportunities…

I was out for dinner with a group of friends and it came up in conversation that I had recently updated my Will. My friends were shocked, “you’re not old” one exclaimed “what do you need a Will for?” They were even more surprised when I explained after considering my immediate and extended family, I had included a charity.

While there has been an increase in bequest activity in recent years, many Australians simply do not realise that leaving a bequest is an effective way to support a cause or that creating a Will can be a surprisingly satisfying experience.

The Third Sector has an important role to play in educating the community, not only about bequests but also about the importance of having a Will at any age. Our sector, alongside professionals working in the legal, investment and financial sector play a key role in raising the profile of bequests in order to better educate people about making a Will.

Whether you are looking to more actively promote your bequest program or publicly launch a new one, doing so will create valuable opportunities to build relationships and engage your supporters. Receiving a bequest is the ultimate expression of a strong donor relationship.

Yes, it is true that there are sensitivities involved in bequests, but managing them is not so difficult that it should stop you from doing something that will benefit your cause, your supporters and the community in general

There are many reasons why planned giving (bequests) is on the increase, some influencing factors follow:

• An increased focus on bequest development by major charities.

• Increased number of dedicated Wills & bequest roles.

• Better financial planning systems and superannuation funds.

• A stronger focus on Will preparation and estate preparation.

• Demographic shift.

• Publicity and events such as Paul Ramsay’s death in 2014. His philanthropic legacy has continued through his generous bequest.

• High-profile millionaires and billionaires declaring they won't be leaving their entire fortunes to their heirs/children.

• Initiatives such as Giving Pledge and Pledge 1% stimulate thinking and have a roll-on effect.

Looking to advance your planned giving efforts?

Here are a few baseline questions to ask yourself/your team - if you can’t answer these questions it is time to get ‘in the know’ - time to get a plan together. All aspects need to be actively managed (eg promotions, intentions, enquiries, fulfilled bequests etc)

• What is the largest bequest our organisation has received?

• Where is income derived from bequests directed?

• Is the bequestor known to our organisation? On our donor database? Did we steward this relationship? Do we know the next of kin?

• How many enquiries do we receive per year? How do we manage these?