You’ve likely heard about the mega-transition of wealth from the Baby Boomers to younger generations. Making sure your charity is comfortable in promoting and talking about gifts in wills is key to developing this kind of revenue!
Remember that 30% of people in Canada are interested in leaving a charity in their will and 5% have already added a charity to their will – so let’s get cracking!
Step One
Update your messaging to let donors know you’re open to receiving bequests.
On your direct mail reply device: Add a couple of checkboxes with these questions – Have you included our charity in your will? Would you like more information on doing so?
On your website’s donation page: Please remember us in your will. Call Maria for more information. List your full legal name, contact information and charitable number here.
In your newsletters or other publications: Include a testimonial from a donor who has already added your charity to their will.
Step Two
Look for prospective bequest donors in your database and get in touch.
Typical planned giving donors often come from one or more of these donor groups:
Frequent givers, like monthly donors.
Long-time donors, especially those who have been supporting your charity from the early days.
Older donors, especially those born in the 60’s or earlier.
Wondering how to contact them? I like to email and ask them if I can interview them about why they give. In the meeting, I ask why they started giving to our charity, what other causes interest them, whether we are communicating with them in the right way, whether they might like to see our work first-hand, etc.
I also ask them if we might use their story in a publication sometime and let them know that I will follow up if and when the opportunity arises. If we’re meeting in person, I ask to take a photo of them (pick an outdoor location for best lighting and a nice background). Voilà! You have started a relationship and you have a testimonial ready to go.
Step Three
Track your actions and follow up.
Tag prospective donors in your database so you can keep in touch. Invite them to your charity’s events, send them engagement surveys and try to identify the point where you might ask them “Would you ever consider including our charity in your will?”
Final Thoughts
Are you wondering why I’m only talking about gifts in wills (bequests) instead of the many other types of planned gifts? Because it’s by far the most common type of planned gift you’re likely to get and worrying about other types isn’t worth your time at this point.
Keep up with the three steps because repetition is your friend when it comes to planned giving. Creating or updating a will is something everyone knows they should do, but takes quite a bit of pondering over time. Good luck and contact me if you’d like help starting a program at your organization.
Siobhan Aspinall, CFRE