So, you have a legacy society in place to recognize those donors who make a gift to your organization in their will or other estate plans. Fantastic work securing the future of your mission! Now what?
In many nonprofits, donor stewardship is treated like a necessary evil. And while we might all agree that this isn’t the best approach to take with partners who make our work possible, there are understandable reasons for this mindset.
How many board members ask you for statistics showing the success or failure of your stewardship efforts? How many leaders insist on including stewardship in goals tied to compensation, career development opportunities, and other accolades?
I’d be willing to guess if you’ve ever had a board or leadership team prioritize stewardship in tangible ways that go beyond lip service, you’re in the fortunate minority. With the focus on dollars in the door, or in planned giving, securing estate gift revenue and legacy gift commitments, stewardship often falls to the bottom of the checklist.
But we know it shouldn’t be this way. We know that stewardship is critical for ensuring non-binding commitments turn into actual realized revenue. And we’ve seen the research showing that more donors are removing charities from their estate plans or swapping them out before making their final arrangements, sometimes into their 90s.
This means that when a donor signs their planned gift commitment form at age 75, you will need to steward them for potentially one to two more decades to make sure your organization is still there at the very end. And when the pressure is on close more gifts, not steward those already in place, that reality can feel daunting.
But it doesn’t have to! The good news is that legacy gift donors are often the least high-maintenance of your supporters. They generally care about impact and mission above all. They like to be appreciated, but recognition isn’t usually their primary motivation. As a result, stewarding them usually means showing that their future investment in your cause will be put to good use.
So, with that in mind, here are a few simple, low-lift ways to steward your planned gift donors and avoid that terrible feeling of finding out a legacy society member passed away, but the intention you recorded is no longer coming to your organization.
1. Piggybacking
One of the easiest ways to keep legacy donors feeling connected is to “piggyback” on other communications that are already in the works. Impact reports, annual reports, newsletters, and any other print or digital donor communication should be sent to your legacy society members as well. If possible, personalize the salutation, intro paragraph, or cover letter to speak directly to your planned gift donors and use it as an opportunity to thank them for their commitment. You can also lean into impact by reminding them that their legacy gift is critical for ensuring the work featured in that piece continues.
Of course, newsletters and other communications created specifically for your legacy society are ideal for more specialized stewardship. But if you don’t have the capacity or budget for those, piggybacking can be a great, cost-effective, and time-saving way to keep planned gift supporters engaged and feeling “in the know.”
2. Shine a Spotlight at Events
If your organization hosts any events, whether in-person or virtual, look for opportunities to highlight your legacy society and give special recognition to members there. As with piggybacking on other communications, shining a spotlight on these donors at existing events costs you nothing at all, but it can be very effective for both stewardship of current donors and identification or cultivation of new ones.
Most of your legacy donors may not have any interest in attending your gala or signing up to fundraise for your big race. But that doesn’t mean you should write them off. If any of your legacy society members do come to an event, take the opportunity to thank them from the stage or podium. And even when you don’t have a single planned gift donor present, you can still thank your legacy society members as part of the program (no one will know how many members may or may not be there). Either way, you’ve brought this kind of giving to the attention of an audience that could contain planned gift prospects. And when a legacy donor is present, being recognized in front of a large and/or prestigious crowd can go a long way in making them feel appreciated.
3. Include Them in Cultivation
We can get really creative when trying to bring in planned and major gifts, can’t we? Just think about the hours we dedicate to figuring out how to get that billionaire or professional athlete or very well-connected entrepreneur in town to come to our event, join our board, or get connected to our organization in some way.
Again, this makes sense. For most organizations, a smaller number of high-capacity donors make up the largest percentage of revenue from individual giving. What also makes sense, however, is to use those same creative efforts to steward existing legacy donors. Not by reinventing the wheel, but by looking for opportunities to include them in these ventures.
For example, is a board member hosting a small gathering of principal gift prospects for you? Consider including a few of your top planned gift donors as well. Are you planning a tour or other immersive experience to boost major gifts? Invite the legacy donors in the area to join in. Even if they don’t attend (or even respond), simply being invited can make these supporters feel special and valued.
And because planned gift donors are often extremely invested in your mission, they can be wonderful peer advocates who help you cultivate major and principal gifts just by being there and sharing their passion for your cause.
4. Put Them to Work (Sort of)
When you open the lines of communication with your most passionate supporters, you may find that some want to do more to help further your mission. While this generally means you’re succeeding in stewarding their legacy gift, it can at times seem like a double-edged sword, especially if volunteer opportunities on your program side are more limited.
As a fundraiser, it’s always tempting to answer the question of, “What else can I do?” with more giving. And we do know that once a donor includes a nonprofit in their estate plans, they are more likely to increase their lifetime giving. But when a donor wants to get involved beyond financial support, it may seem like an added hassle trying to figure out and manage that involvement.
With legacy donors who fit this bill, consider putting them to work. If they have the skillset, these supporters can be excellent at making thank-you calls to other legacy society members, or even prospects. And depending on their comfort level, they could be invaluable ambassadors for your planned giving program.
For those not interested in this level of involvement, you can also “put them to work” by seeking their advice. One-on-one conversations are ideal, but you can also accomplish this through a digital survey sent to all legacy society members. You can show that value them and their opinions (not just their money), and you can also learn exactly how they wish to be stewarded, making your efforts even more focused.
You might think this counterintuitive and that you shouldn’t ask more of a donor who has already made such a meaningful gift. But by giving these dedicated supporters more opportunities to make a difference now, you can reinforce their commitment and help them see themselves as an integral part of the organization.
Or, You Can Always Outsource It
If even the most basic of stewardship plans seems like too much to take on, you can always seek outside support. As part of my planned giving consulting services, I can help you by working across internal teams and building a stewardship program that will keep your legacy donors engaged without cutting into staff time. Schedule a time for us to talk, or contact me here to learn more.
Kelly Gicale, JD, CFRE 