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Dollars & Sense is a monthly series started over a year ago. Please email your questions...and be certain to look regularly for Dollars & Sense. Recent Questions What are the Pro and Cons of Creating a Bonus System? How Much Should You Spend for Campaign Costs? What are the regulations for gifts from IRA's? Has Charitable Giving Increased? What is the appropriate amount you should count on in collecting pledges from a capital campaign? |
Dollars & Sense The Roster for Your Legacy Society Sharon Larkins-Pederson is the senior gift planner at the MCV Foundation in Richmond, Virginia. She asks: “What is the best way to recognize deceased members of the Heritage Society in printed material? Do you alphabetize the list and intersperse the living as well as the deceased? And what happens if they tell you that your organization is in their Will— and when the estate is settled, you find out you are not. What do you do?” Here’s my response to Sharon’s question. When I do a roster of a group like the Heritage Society (Legacy Society, or whatever), I suggest including everyone who has left you in their estate plans. This includes those you now know about and those who are deceased. I recommend that the organization go back as far as they possibly can. Use an asterisk to indicate the deceased. I suggest you list the entire roster alphabetically. The reason I like including the deceased and going back as far as possible is that it emphatically demonstrates: “We never forget. We never forget those who cared so much they have left our organization in their estate plans.” I like posting this on a plaque or some sort of commemorative sign in the most prominent place possible in the building. I have also done this in an outdoor kiosk where the weather is temperate most of the year (San Diego, for instance). I go one step further. I like including the list in every publication. That means if it is a quarterly, listing it four times during the year. It’s a wonderful way of reminding people how important estate plans are and that you never forget. You ask: what happens if there are several hundred names? I say— wonderful! Once again, it is a great way of reminding people how important estates are to the organization. The second question is easy. If they die and you find that they have not left you in their estate even though they had earlier indicated they had, simply delete them from the list. Here is something that’s important. If you find they have indicated you as a beneficiary, follow that with a personal visit. It gives you an important opportunity to express your appreciation. But more than that, during the visit you are able to ask them what they have done in their estate plans. Most people are willing to tell you if they have been honest about their intent. If you celebrate their intention and show proper appreciation, it should nail the bequest in place. - Jerry Panas |
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