Why You Should Consider Legacy Fundraising as an Option

Why You Should Consider Legacy Fundraising as an Option

When it comes to ensuring the long-term sustainability of your nonprofit, legacy fundraising—also known as planned giving—is a strategy worth exploring. While annual donations and fundraising campaigns provide immediate support, legacy gifts offer a unique opportunity to secure your organisation’s future. Here’s why you should consider incorporating legacy fundraising into your overall strategy.

What is Legacy Fundraising?

Legacy fundraising involves encouraging supporters to include your organisation in their will or estate plans. This could take the form of a bequest, a life insurance policy, or other planned gifts that are distributed after a donor’s lifetime. While these gifts may not provide immediate funding, they can have a transformative impact on your nonprofit in the years to come.

The Benefits of Legacy Fundraising

 1. Long-Term Financial Security

Legacy gifts are often substantial and can provide a reliable source of income for your nonprofit over time. They allow you to plan for the future with greater confidence, ensuring that your organisation can continue its mission for generations to come.

 2. Deepening Donor Relationships

Encouraging legacy giving fosters stronger connections with your donors. By discussing their long-term philanthropic goals, you show that you value them as partners in your mission, not just one-time contributors. This can lead to increased engagement and ongoing support during their lifetime.

 3. Creating a Lasting Impact

Legacy gifts often enable nonprofits to fund ambitious projects, expand programs, or establish endowments that would otherwise be out of reach. Donors appreciate the opportunity to leave a meaningful legacy that reflects their values and contributes to a cause they care deeply about.

 4. Accessibility for All Donors

One of the great aspects of legacy giving is that it’s accessible to donors of all income levels. While not everyone can make large cash donations during their lifetime, many people can include a charitable gift in their will or estate plans, making this an inclusive option for supporters.

 5. Standing Out Among Nonprofits

Legacy fundraising sets your organisation apart by showing that you’re thinking about the future. It signals to donors that you’re committed to long-term impact and gives them confidence in your stability and vision.

Overcoming Common Misconceptions

Some nonprofits shy away from legacy fundraising due to misconceptions or discomfort around the topic. Here’s how to address these concerns:

- "It’s Too Difficult to Talk About": While discussing end-of-life plans can feel sensitive, framing the conversation around creating a lasting impact makes it easier. Focus on the positive difference donors can make.

- "It’s Too Complicated": Legacy giving doesn’t have to be complex. Start by offering simple options like bequests and work with estate planning professionals to guide donors.

- "It’s Only for Wealthy Donors": Legacy gifts can come in all sizes. Highlight that even small percentages of estates can make a significant impact over time.

 How to Start a Legacy Fundraising Program

 1. Educate Your Team

Ensure that your staff and board members understand the importance of legacy giving and feel comfortable discussing it with potential donors.

 2. Create Clear Messaging

Develop materials that explain legacy giving in simple, inspiring terms. Use real-life examples or testimonials to illustrate its impact.

 3. Identify Prospective Donors

Focus on long-term supporters who have demonstrated a deep commitment to your cause. These are often the most likely candidates for legacy gifts.

 4. Promote the Opportunity

Include legacy giving information on your website, in newsletters, and during events. Make it a visible and natural part of your fundraising conversations.

 5. Build Relationships

Legacy fundraising is about trust and connection. Take the time to get to know your donors and understand their values and goals.

 6. Show Gratitude

Recognise legacy donors through honour societies, special events, or other gestures. Let them know how much their commitment means to your organisation.

Legacy fundraising is more than just a financial strategy; it’s a way to build deeper relationships with your supporters and create a lasting foundation for your nonprofit. By offering donors the opportunity to leave a meaningful legacy, you’re empowering them to make a difference that endures long after their lifetime. Ready to get started? The future of your mission might just depend on it.