From time to time MAS registered charity clients ask, what is Estate – or Planned – Giving? Should we consider expanding our fund development program to include Estate Giving? Thinking about an Estate Giving Program?
In order to “demystify” Estate Giving, we will be publishing a series of blog posts over the next few weeks. Each post will provide practical information about Estate Giving, determine if your charity should establish a program, understand donor motivation, how to prepare and launch a program and maintain a program over time.
(Please note that estate giving is a charitable giving approach that is only available to registered charities.)
What is an Estate Gift?
An planned gift is any gift – outright (today) or in most cases deferred (typically through an Estate/Will as a bequest) made by a person in a planful manner with forethought about longer term benefits to a charity and financial implications of an individual donor. Deferred estate gifts are also referred to as Estate Gifts.
Estate Gifts are usually made from capital (assets) not income and are often prepared in consultation with professional advisors including during the creation or updating of an individual’s will. They tend to be large in size (many times larger than a donor’s annual gift). They may be revocable (not binding, could be changed).
Five myths of Estate Giving
1. People who make outright gifts are not Estate Giving Prospects
2. Estate Giving applies only to older people
3. Estate Giving prospects are wealthy
4. You can uncover estate giving prospects simply by focusing on your leadership annual giving donors
5. Small gift donors are not estate giving prospects
6. Estate Giving hurts annually giving results and
7. All estate gifts are deferred (e.g. – through Estate or Will)
LEAVE A LEGACY™ is a national public awareness program designed to encourage people to leave a gift through their will or any other gift planning instrument. For more information visit www.leavealegacy.ca
Have questions or want to discuss setting up an Estate Giving Program? Click here to request assistance from MAS.
Coming up next: Is your organization ready?