Beyond The Will: Why Estate Planning Matters and What To Do About It

 

 

If August’s Make-A-Will Month feels like it was just yesterday, you may be wondering whether National Estate Planning Awareness Week from October 19 through 25 is simply another opportunity to deliver the same message. Fortunately, there is an important distinction—and one that can make October especially useful for you and other nonprofits. A will is only one component of a complete estate plan. Retirement accounts, life insurance policies, bank and brokerage accounts, real estate, and other assets may pass outside a will altogether through beneficiary designations or because they are titled jointly or in the name of a trust. Estate planning gives donors an opportunity to think more broadly about how best to use their assets to support the people and causes they care about.

That makes National Estate Planning Awareness Week a natural opportunity to build on—not repeat—the conversations you may have started during Make-A-Will Month. Instead of simply reminding supporters to create or update a will, October gives you a chance to encourage them to look at the bigger picture and consider whether their estate plans fully reflect the people and causes they care about.

You do not need a sophisticated planned giving program—or even a dedicated planned giving staff member—to participate. A few simple, well-timed communications can introduce the idea of legacy giving to donors who may never have considered it before, while also reminding longtime supporters to make sure their charitable plans are up to date.

Keep the message focused on mission rather than technical details. Help donors imagine how a gift made through their estate could extend the impact of the generosity they demonstrate today, and encourage them to work with their professional advisors to determine the approach that is right for them.

Here is a simple five-point plan for making the most of National Estate Planning Awareness Week:

Put legacy giving in front of your donors.

Start with the basics. Send an email or include a short article in your October newsletter reminding donors that an estate plan can provide for both the people and the causes they care about. This is also an opportunity to broaden the conversation beyond wills by mentioning that charitable gifts can come through trusts, retirement accounts, life insurance policies, and other assets with beneficiary designations. You do not need to explain how each option works. Simply let supporters know that your organization welcomes legacy gifts.

Make sure donors can find legacy giving information on your website.

Take a few minutes to look at your website from a donor’s perspective. Is there an easy-to-find page explaining that donors can support your organization through their estate plans? If not, National Estate Planning Awareness Week is a good reason to add one. Include the appropriate organization name and contact information so donors and their advisors know whom to contact with questions.

Tell a story about the future.

Planned giving is ultimately about impact, not estate planning documents. Use a social media post, donor story, or newsletter feature to illustrate what a legacy gift could make possible. Connect tomorrow’s gift to today’s mission: What could a donor help sustain, protect, expand, or accomplish for the next generation?

Invite donors to tell you about their plans.

Some of your most loyal supporters may already have included your organization in their estate plans without telling you. Give them an easy opportunity to let you know. The invitation can be simple: “If you have included our organization in your estate plan, we’d be honored to hear from you so we can thank you and better understand your wishes.” You may discover legacy donors you did not know you had.

Make legacy giving an ongoing conversation.

Do not let the subject disappear when Estate Planning Awareness Week ends. Look for natural opportunities throughout the year to mention legacy giving alongside other ways donors support your mission. Repetition does not have to mean repeating the same message. Make-A-Will Month might focus on creating or updating a will; Estate Planning Awareness Week can emphasize the broader plan; another communication might focus on beneficiary designations or the long-term impact of a legacy gift. Together, these messages can gradually make planned giving a familiar part of the way your organization talks about philanthropy.

And remember that you do not need to become an estate planning expert yourself. Your role is to open the door to the conversation, not to provide legal, tax, or financial advice. IPCF can be a sounding board as you become more comfortable talking about legacy giving, encounter questions about charitable giving vehicles, or think about ways to incorporate planned giving naturally into your organization’s ongoing donor communications.

Please reach out anytime to the team at Illinois Prairie Community Foundation! We are honored to work alongside the nonprofit organizations making such a difference in our four county region. Thank you for all you do!