Looking at bequest strategy

The generation who are now at retiring age tend to be cash rich. The escalation in property prices has meant an increase in the wealth of this generation. One only has to look at the marketing of insurance companies, loan companies and magazines available for retirees to see that this is a huge area.

Setting up a legacy strategy is very similar to running a capital campaign. Techniques of personal to person asking, targeting individuals are all dealt with in the the capital fundraising section of this website and are worth reading through.

It is highly likely that most charities will have individuals who have supported them through their life time and would like the idea of leaving some legacy. The question is targeting these individuals and offering them something e.g. putting into an endowment fund which allows their money to be used indefinitely for the work of their charity, or naming rights to something etc.

Legacies are a very important part of a charity's future. If proper strategies are set in place and recruitment of volunteers to maintain and expand relationships with donors, this form of fundraising is very cost effective over time. However because it does take time it is important to look at the profiles of those who are the best prospects, regardless of how mercenary this may feel!

Your best legacy prospects are those with long associations with the charity.

Best profiles are: female, spinster/no dependants, lives alone, "asset rich, cash poor", 75+; widows; and male, 45-65 (business, shareholders, senior managers!).

Using this knowledge it is important to tailor your marketing.

Therefore looking at your database you need to see who fits the demographic profile. It is believed that asking about legacies will not hinder the relationship between the charity and the supporter.

How do you assess the wealth of your supporters?

Age
Questionnaires through your newsletters may give you some indication, although expect a low response rate.
Assess household expenditure/house value/size
Handwriting on cheques/letters
Census can tell you all female, single occupancy, 7 + years households.

Note: 4% of all working adults are wealthy in terms of "asset rich". This means you can also look at the following:

Titles
Postcodes
Giving records - look for large gifts and erratic giving (but also don't ignore the long-term low giver, as these people could be asset rich and also very loyal to the charity.

There are companies that will screen databases for wealth. See the resources centre.
Write A Letter - Make The Ask.
You can write a letter and make a direct ask from your donors. It is very hard to get legacies this way.

Major gift campaigns

The best way to get your donors to give you legacies is to run your legacy programme like a major gift campaign. This means face-to-face asks. To do this you need to do the following:-
Recruit an executive committee and train them to ask their friends/other donors.
It may be better to run this along side a major gifts campaign as this gives the donor an opportunity to donate in an alternative way and at a later date.

Please note. It is very important to keep those who have said they will leave a legacy up to date on what is happening with the charity. Anyone can change his or her will at any time.

What legacy can provide for the donor

Recognition of their giving whilst they are still alive. Consider setting up some sort of society for those givers who will be leaving a legacy. Living Legacies offer an individual a sense of contributing to society whilst they are still alive.

Other fact sheets in Bequests/Legacies
Fact sheet index

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