More than just a legal document, your Will is an important part of your legacy. It is an opportunity to consider what has mattered to you most throughout your life, and what you want your lasting impact to be.
In addition to providing for loved ones, many people consider leaving a gift in their Will to organisations that may have had a meaningful impact upon them throughout their life. Many people outside of the charity sector don’t realise, but legacy giving actually makes up a significant portion of charitable fundraising in Australia – in fact, analysis from Pareto Fundraising estimates that on average legacy giving accounts for 20% of the annual income for charities in Australia.
In this article, we explore how you can leave a charitable gift in your Will to an organisation you’d like to support, and some of the key considerations you may want to keep in mind when doing so.
What types of gifts can I leave in my Will?
There are two types of charitable gifts (also known as bequests) that you can leave in your Will with Safewill:
Can I leave gifts to multiple organisations?
Many people have multiple organisations that they would like to support, and with Safewill it is possible to leave gifts to multiple organisations. This can be for either specific or residuary estate gifts (or both!).
Considerations when leaving a charitable gift
There are a few things to keep in mind when leaving a charitable gift in your Will.
Talking to your loved ones
It's important to talk to your loved ones about your intentions and let them know that leaving a gift to charity is something that is important to you. This can help to ensure that your final wishes are carried out.
Letting the organisation know of your gift
It is extremely beneficial to charities to be notified of a gift in a Will. This not only allows them to plan for the gift and allocate budgets, but also to reach out and give thanks for the gift. Many charities have a legacy or bequest society that is an important part of the organisation’s culture and community.
Your gift, no matter how big or small, is so much more than a financial contribution - it will leave a lasting legacy for generations to come. If you’d like to leave a gift, click here and get started on your Will today.