Fundraising programmes

Bequests (Gifts in Wills)

“The work you will do to achieve this is not frenetic. It's not big, it's not fast, it's not asking a lot. It is taking the time to understand and listen.”
– Sarah Barrer

The journey from identification of a prospective bequest giver to a committed one can be long and complex, but the results can be truly transformational.

Given the sensitive circumstances in which a bequest will occur, gift-in-will giving must be managed with consideration, tact and diplomacy, and supported by financial and legal policies and oversight.

Bequest giving can also require commitment to a deep and long-term relationship, and your organisation must be able to commit to this, if it is what your bequest giver wishes.

TFA understands the complexity of bequest giving – practically, legally, ethically and emotionally – and can help you build and implement a programme that enables significant gifts that advance your purpose whilst honouring your donor’s wishes.

And there is literally no better time than now, because a generational change is occurring in which trillions of dollars worldwide will change hands in the next two decades as an aging population passes its wealth (the Great Wealth Transfer), much of it in bequests, to younger generations.

This is a transformational amount of investment; is your charity ready to receive it?

What is a Bequest or Gift in Will?

A bequest or gift in will is a gift from a person’s estate, usually to be actioned after their death. It can take the form of a percentage of an estate; a fixed financial amount of an estate; the residue of an estate; a life insurance policy; or a Memorandum of Wishes to the trustees of a family trust.

What do I need to get started?

A clear, long-term vision and priorities
A solid financial history, proving that you are here for the long-term
A database of identified possible gift in will givers; giving history will provide indications of who these people are
Investment plans and financial policies to ensure ethical and prudent management of funds
Internal policies that outline how to manage and respond to bequest enquiries
Policies regarding the types of bequests you will accept, or those you will decline
Internal resource and capacity lead this deeply personal and relationship-driven work.

How do I find bequest givers?

Perhaps more than any other giving, bequests are based upon relationship, so we begin by reviewing your database. Consider longevity of connection, frequency of activity and how your prospective bequest giver has shown commitment to your charity – this may or may not be in the form of monetary donations.

Developing the bequest relationship

There are many steps to take before an approach (see What Do I Need to Get Started above), and even after you have identified a possible supporter, there are many steps before making an ask. These include naming your programme and creating a short summary document outlining how gifts made in wills would be used for your long-term purpose. Decide who in the organisation will hold the relationship, and when and how they will make the approach.

Ethically, you should provide access to legal information to enable people to make informed decisions.

Also consider how you will continue to engage with potential and/or committed bequest givers over the long-term.

"(The Fundraising Agency) also taught us about the importance of acknowledgment and ongoing engagement… Perhaps sometimes our Old Boy network felt they only heard from the school when we had our hand out. We now communicate with alumni monthly. And we hold regular reunions and donor events. (Our) plan has prioritised where our energy should go".

JUSTIN BOYLE, ST BEDE’S RECTOR

What else should we consider?

Bequest programmes require both financial and legal consideration at Board level. Bequests must be legally recognised in order to be implemented, and they may still be contested by other parties. Your Board must consider and fully understand a range of considerations including legal liability (should someone contest your right to the bequest), legal budgets, lines of authority, resolving legal action and investment management. TFA’s experience will guide you through these considerations.

Prepare your charity for long-term investment

Giving Programmes

As fundraisers we understand all streams of giving, but focus on creating and delivering high impact programmes that activate giving opportunities for any not-for-profit, regardless of size or stage: