According to Smee & Ford’s Legacy Trends Report 2024, legacy income reached £3.5B in the UK last year. Despite this potential, many organisations have yet to make legacy fundraising a part of their overall fundraising strategy.
One reason legacy fundraising can be overlooked is the perception that it takes too long to yield results. While legacy campaigns may not provide immediate funding, they ensure long-term security and can provide a sustainable income for years to come.
What is legacy giving?
Legacy giving refers to a donation made through a will or estate, allowing your supporters to have a lasting impact on causes they care about. Also known as planned giving or bequests, legacy donations can take several forms, including:
- Gifts of cash or property.
- Designating a charity as a beneficiary in a life insurance policy.
- Creating a charitable trust or endowment.
How legacy giving fits with major gift fundraising
Legacy giving can be particularly attractive to high-net-worth individuals who want to make a meaningful and lasting contribution. Many donors are motivated by the idea of leaving a legacy that reflects their values and has a lasting impact. It can also be a form of tax-effective estate planning. Once you know your donors’ motivations, it’s easier to engage them. These could include:
- A desire to leave a mark on the world after death.
- Aligning their legacy with the causes they supported during their lifetime.
- Creating a lasting memorial or tribute to themselves or a loved one.
How to build a legacy fundraising strategy
A legacy programme takes some work to get off the ground, but once you do, it’s the gift that will keep on giving.
Educate your supporters
Many supporters may not be aware of legacy giving as an option. Keep your legacy campaign simple and consistent. But don’t shy away from the unique aspects of your organisation that make it stand out – what do your supporters love about you?
Build strong relationships
Legacy giving doesn’t yield immediate results. It’s a process built over time with trust and loyalty. Use research to identify long-term supporters who have the capacity to leave a legacy gift and develop personalised relationships with them.
Keep it simple
Make it easy for supporters to leave a legacy gift by providing clear instructions on how they can include your charity in their will or estate plans. Promote this on your website, social media, and in your communications.
Engaging legacy donors
Building strong relationships with your supporters is an integral part of best-practice fundraising. To do this well, you need an understanding of their personal motivations. Prospect research can help you understand who your supporters are, what drives their giving and how best to approach them for a legacy gift.
If you’re ready to build your legacy income, we can help.
Our team has 25 years of experience providing research, wealth screening, consultancy, regulatory compliance, and training support to charities of all sizes, making fundraising more effective and successful.
To find out how we can help you on your fundraising journey, get in touch with us today.