Bequest Best Practices
elianapritchett
Posts: 13
Hi there!
I am hoping to learn more about bequest practices from other community foundations.
I am curious as to what internal forms/process are used by other foundations? Is there anything others have found to be particularly useful in navigating planned giving, particularly if there is no signed fund agreement?
Are outfacing forms useful for educating potential donors?
I would appreciate any input!
Thank you
4
Comments
Following this conversation!
Hi!
We don't have specific forms available publicly, but we do include some language on our website which donors can use in their estate planning to ensure gifts are made appropriately to our CF. You can find that here: https://cfjc.org/giving/estate-planning/. We do try to have estate and legacy planning conversations with our donors prior to their passing to get fund agreements signed and ensure we have a solid plan in place for distributions which align with their charitable interests prior to their passing. Not sure this is exactly what you were looking for, but I hope it's helpful!
Ellie
We do the same with the language on our website. Ours is targeted towards professional advisors. It's here: https://cfwnc.org/advisors/professional-advisors/estate-planning-resources
Most of our known bequests have a signed fund agreement but there's always those surprise ones! We are working to make sure we have follow up questions and document as much as possible when donors inform us of a future gifts so that we can get plans in place.
We have some information on our website on how to leave bequests. You can find more information here - https://www.buildingtomorrowtoday.com/ways-to-give/
I am also interested in learning more, and want to know what board polices should be in place. Any suggestions?
Hi @kathleensayce . I was curious as to whether or not we had specific policies around bequests and we do not. Bequests are only mentioned under our Gifts Acceptance policy in that we accept them. I would be curious to know if we require a policy to speak to bequests only and will be following for more insight as well!
I'm with a health care foundation.
We too have information on our website about estate gifts. https://istandforparkland.org/ways-to-give/charitable-gift-planning/additional-information
If possible we try to get copies of relevant documents, or at least the pages that pertain to Parkland Foundation. In their absence we try to get a document signed by the donor that spells out details of the gift. We provide the document. It has been approved by our leadership and in house legal counsel.
If you want people to give you more currently, get them to include you in their estate plans. Research by Dr. Russel James shows that donors who include a charity in their estate plans increase their annual support by 75% over the next five years. I've been doing charitable gift planning for over 20 years and always knew that anecdotally. It's nice to have the research to back it up. it makes sense, because the donor has elevated your organization to the level of a family member.
Our gift acceptance polices direct us to use the Counting Guidelines promulgated by the National Association of Charitable Gift Planners. This spells out how we count and give credit for charitable gift plans.
Feel free to reach out for more information.
Kent C. Weimer, Chartered Advisor in Philanthropy®
Director of Trusts, Estates and Gift Planning
Parkland Foundation
[email protected]
214-266-2036
Thanks for the comments, everyone! @KentWeimer your comment on increased giving is an excellent point--I will share this with my board.