Are you ready? How can you tell if your organization ready for a proactive legacy giving program?

Today’s quiz will focus on what you need to be ready for legacy giving at your organization. In case you are unsure about what I’m referring to, legacy giving, (also known as planned giving,) is a particular kind of fundraising: inviting your existing donors to consider leaving a gift to your organization in their will or estate plans. This kind of giving is a way for a donor to take what is important to them now and extend that far into the future, leaving a legacy that matters.

Photo by John Schnobrich on Unsplash

A GIFT IN THE WILL IS ONE OF THE LARGEST GIFTS MOST CANADIANS WILL EVER MAKE.

(TRUE)

Want to be on the receiving end?

Make legacy giving part of your development plan and be transformed.

Here at Tiny Frog Strategies, we believe that organization of all sizes should be ready to tap into the intergenerational transfer of wealth, and our Legacy Jump Start program is designed to make it easy for you to incorporate legacy giving into your fundraising tool box. But we know that not every organization is ready and that’s okay too. Let’s find out where your organization stands.

Answer the following questions to find out if your organization is ready for legacy giving:

5. My organization has a list of its current donors and supporters. TRUE or FALSE?

6. To start a legacy giving program I need to learn about charitable gift annuities (or insurance or insert technical term here). TRUE or FALSE?

7. At my organization, we don’t need any extra time to set up a pro-active legacy giving program. TRUE or FALSE?

8. I don’t know what to say and I’m really nervous to talk about someone’s money and death in general. TRUE or FALSE?

 


5. My organization has a list of its current donors and supporters.

You are ready if you answered: TRUE.

Bonus points if this is in an electronic database format, but we’ll take paper files if necessary. Preferably this is a database of people who have given to your organization in recent years, but it could be any kind of list.* What you need to start is simply a list of people who already support your cause, and you could approach them about a legacy gift.

Legacy giving doesn’t work well with people unfamiliar with your organization. (Think about it this way: dying and a will isn’t often something you talk about with someone you just met. You’d likely cover off the weather and the sports scores first.)

*No one said it had to be a big database or donor list. Don’t get worried here, you just need SOME donors on your list.

6. To start a legacy giving program I need to learn about charitable gift annuities (or insurance or insert scary technical term here).

You are ready if you answered: FALSE.

If you knew all the technical details already, I’d probably have met you at the Canadian Association of Gift Planners conference last year, and you’d be geeking out with the other lawyers and financial planners that wanted to go into the nitty gritty of tax law. (Seriously, these are real people. I know, it seems weird, but their existence also the reason why YOU don’t have to know it all.)

At Legacy Jump Start, we point you to resources on a need-to-know basis. Besides, did you know that 95% of gifts in people’s estate planes are straightforward bequests? That means the complicated stuff only shows up in 5% of cases. Not enough to hold you back.

7. At my organization, we don’t need any extra time to set up a pro-active legacy giving program.

You are ready if you answered: FALSE.

Like most good things in life, to make legacy giving a solid part of your organization, some time must be dedicated to setting it up, especially at the foundational level.

You may be doing this because someone else at your organization thinks planned giving is important (a member of your board, perhaps) or maybe you are the one trying to convince your organization that spending time on legacy giving is worthwhile. Maybe you’ve had the best experience of all: out of the blue a lawyer called to let you know that a donor you’ve never heard of before has left you a gift in their will, and you are wondering if you could make that happen again. (You can!)

You don’t need a lot of time, but you do need a couple of hours a week. And since a couple extra hours have yet to magically appear on demand in any one’s week, you will need the conviction to make legacy giving a priority in your weekly activities.

Besides, we will make it so fun and interesting you can’t help but want to spend time on legacy giving. 🙂

8. I don’t know what to say and I’m really nervous to talk about someone’s money and death in general.

You are ready if you answered: TRUE.

We get it. Many fundraisers don’t like to ask for money (seems strange, doesn’t it?) and most people in general don’t want to talk about death. But what about asking someone why your organization is important to them? Or what inspired them to give to your organization for the first time? You could ask those questions, right? You might even be curious about their answers.

That’s all you need. A bit of curiosity and willingness to connect with other people. We’ll help with the rest.


How did you do? If you think you might be close, check out our Legacy Jump Start program for the action steps and encouragement to get started now.

If you missed part 1, you can find it here.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.