Hi everyone,
When we think about the legacy we leave behind, our first thoughts are often of our children, grandchildren, and the people we love most. But what if, with just a small gesture, we could also plant seeds of kindness that grow far beyond our lifetime?
This month I’m sharing some insights from a presentation I attended late last year, featuring John McLeod, the author of The Bequest Report.
This report compared Australia to four other countries, including the UK and the US, with interesting results. Australia ranked highly on the wealth scale as well as the Happiness Index, with younger people feeling the cost of living crisis more so than the older population. It revealed that while Australia ranks relatively well in terms of the number of people who write a Will, it falls significantly behind when it comes to the proportion of wills that include a charitable gift – statistics showed that only 6.5% of Australians leave gifts in Wills. And only 1% of total monies will go to charities, well below 4-5% in the US and UK.
If you have already written your Will, did you consider leaving a gift in it? If so, was your next thought – “I can’t because I want to leave everything to my children and grandchildren”? (a perfectly reasonable and common answer).
The Bequest Report analysis showed that, based on a family with three children and a net wealth of $2,000,000:
- If everything in the Will went to the children, each child would receive one third of the total amount – $666,666.
- By leaving 1% to a charity, each child’s share would drop by only $6,666 to $660,000.
While a relatively negligible difference for the child, this gesture would have a significant impact for the charity, not to mention encouraging a culture of philanthropy and inspiring future generations. As Warren Buffett said:
“I want to leave my children enough so they can do anything, but not so much that they can do nothing”
To create your free Will with either of our partners, click Our Partners – The Shepherd Centre. Here you will find information about Gathered Here, the online platform which allows you to create your Will in under 10 minutes, or RMB Lawyers, if you prefer a personalised talk with a professional lawyer that can help you write your Will.
If you would like more information about leaving a gift in your Will to The Shepherd Centre, please contact me directly on 0481 718 129 or email [email protected]. You can also visit our website page: Gifts in Wills – The Shepherd Centre
Until next time, take care,
Sue
