Much like Wills themselves, legacy giving is often associated with great wealth and hefty inheritance schemes. But as the popularity of online Wills continues to make make an estate plan more accessible to all- a fresh perspective on gift in Will strategies stands to make real change in the coming years.
In this blog post, we focus on the role of digital Wills and legacy giving on the education sector. Questioning scope for further progress, and considering the role of modernised Will tech, in modernised educational funding.
Huge proportions of the charity sector rely on legacy donations. And, as budget strains continue to place stress on education systems, these institutions are becoming increasingly reliant on the generosity of people who plan ahead for death.
Whether its a percentage from a property sale or your estate, money left in your bank accounts or identifying an institution as a beneficiary- a Will gives you the power to decide on how to give back.
For many, this involves looking for ways to support the educational institutions which helped set them up for life. This doesn't (have to) mean donating all your assets in your estate, but with a good estate plan you can engage in effective financial planning to leave some leftover for charitable wishes.
Leaving an education donation in your Will is an effective way to create impact, and legacy, after you die. As the number of people planning ahead in this way continues to grow, the potential to make an impact with whats left in your savings account when you die, has never been more relevant.
As more people turn to educational institutions in their list of beneficiaries, or to motivate their financial plan, the sector has also evolved with this new revenue stream.
In promoting new ways for past students to give back, online estate plans have forced education institutions to get savvy with promoting this new trend. Rebranding what means to write a Will, and offering more people to give back in a small but big way during their estate or financial planning process.
Crucially, in making it easier and more affordable than ever to make Will donations- the scope for smaller donations to compound and create change is growing. Encouraging alumni to leave small proportions of their income, rather than focusing on alienating six figures, could provide a whole new stream of revenues. And for institutions opening up to a change of tact, the online Will space is bringing new opportunities for both them and their students.
Financial matters can get awkward. And with a family home to mortgage and minor children to look after, many modern day families might feel unable to give back with money at this time.
An online estate plan not only offers an affordable way to safeguard wishes and estate affairs for the benefit of the family, but instead offer the chance to give financial support to institutions who need it most.
In rebranding estate planning as an accessible financial tool- online Will platforms offer to extend this fresh perspective to legacy gifting as well. Normalising ‘normal people' having a Will, comes with this opportunity to normalise smaller donations, made more frequently. Allowing everyday people to contribute an impact, at the same time as they make provisions for their family.
Shifting the narrative away from Wills being an expensive ordeal creates an opportunity to frame end of life planning more positively. Anyone with property or financial assets in the estate to manage, now has the capacity to make an effective estate plan which incorporates charity wishes. They don't have to pay an arm and a leg to get one, and for education institutions now more frequently named as a beneficiary, the potential to make impact is huge.
In understanding what motivates Will makers in Australia, the education sector can adapt to these technology and donation changes- helping to provide meaning in how people go about distributing assets, and offering an accessible alternative if circumstances don't allow fulfilment of donation wishes in life.
Whilst a staggering number of Australians still don't have a Will, a surprisingly high percentage of those fully intend to get their affairs in order. Excuses like ‘haven't' got round to it' are more common than ‘I don't want one', and general awareness of the benefits are far reaching.
With this in mind, gift in Will opportunities create a more emotional incentive to get this piece of life admin done.
The prospect of helping make an impact to thousands of young people feels somewhat more mobilising than sorting your finances for after you die. And in taking advantage of the ease and affordability which online WIlls bring to this space, there's real potential for gift in Will donations to take off in the next few years.
As the cost of living rises, people might not feel able to donate to the education or charity sector whilst they're still alive. Leaving donations for after death is an effective way to see this wish carried through, without compromising on funds in life.
In making access to the benefits of a Will easier, cheaper and more flexible, online estate planning brings with it the potential for a rise in charity donations.
Estate planning which is accessible and makes donation wishes easy offers an effective solution to tackle 'putting off' will writing. Making the process less intimidating for your'e average family also opens these people up to new ways of making estate planning matter.
This opportunity comes in line with more people beginning to question the impact their actions have on wider society. From where they source their clothes to how they make their food choices, individuals are increasingly conscious of how their actions will impact future generations, and how their choices align with their personal beliefs.
With this in mind, estate planning represents another example of how modern society might start to reflect personal views in life (and death) choices.
The opportunity to leave assets to a charity gives individuals the power to make impact beyond their inner circle. Estate planning becomes more about personal wishes and estate legacy, than it does to do with the process of where assets will go or how taxes and debts are administered.
Of course, these things are still important and valid. But with more people given the opportunity to plan their estate, more people will also be given the power to choose options on the impact they wish to make and the causes they wish to support in death.
Whether that's for the environment, health, or education- legacy gifting is following a society wide trend of combining efficient technology with individual and wider benefit.
Modernising the estate planning process is modernising how your average person's assets are distributed. In making it easier than ever to engage in legacy giving, the education and other sectors are beginning to catch on to new ways to secure funding, and new alternatives to people unable to donate today.
Regardless of financial circumstances, if your'e thinking of writing your estate plan, legacy giving can give you the power to see your life donation wishes fulfilled.
More than just organizing your affairs for your family, or appointing an executor to pay off debts and navigate the legal process- your personal, estate wishes can represent what was important to you. Allowing you to plan ahead with your assets for the benefit of your family, and for the good of wider society.
Safewill's Approach to Legacy Giving
In taking this approach, Safewill partners with hundreds of charities to raise millions of dollars each year. Running an accessible and successful gift in Will strategy is centred around making Will writing easy, and making estate planning less intimidating to your everyday user.
Adopting new technology requires us to be open-minded, which can be especially difficult surrounding sensitive subjects. If new technology can resonate with people's values- of giving back, creating impact and helping those around them- it has a greater chance of success.
At Safewill, we understand this better than anyone. And so if you're looking for an affordable way to plan your estate, make an impact with your assets and create a legacy in your death- our platform is for you.
An Online Will with Safewill integrates this understanding, and makes it easier than ever to seek legal advice from a specialised attorney, plan your estate beneficiaries and make a charitable donation.
Find out more on how to get started today, via 1800 10 33 10 or a live chat.